Employer Sponsored Pensions – (Executive Pension Plans)
These are excellent value pension plans for Employees / Directors Limited Companies & Owner Directors of SME’s.
Company contributions are tax deductible business expenses for Employers/Business Owners. Employees get all of the tax reliefs and benefits that are available. PGM can set up your plan under the following guidelines.
Revenue Approval – 4 key points:
- Scheme must be set up under a legal trust.
- Benefits must not exceed revenue approved limits.
- Employer must contribute to the cost of the scheme.
- Employees do not have to make contributions.
If they do, they qualify for full tax relief and benefits
Plan Set – Up – 6 Steps to follow
- Qualification of Director / Employee
- Revenue approval and staying within revenue funding limits
- Legal Requirements & Trustees
- Company and tax deductible business expenses
- Employee Tax Relief and Revenue limits
- Investment advice and plan[/one_half]
PGM Financial Services have significant experience of advising Limited Companies & SME’s in setting up Employer Sponsored Pensions. We ensure maximum tax benefits for both employers and employees within Revenue Rules, organise the legal requirements and very importantly, help you plan well for your retirement.
Group Pensions Benefits
A group pension is a win /win situation for both the Company and Employees as research demonstrates that group pensions are seen as attractive hiring tools when looking to hire the best staff as sometimes the salary will not be a big enough attraction.
PGM Corporate Service
PGM Financial Services are experts on Group Pension Schemes and would welcome the opportunity to complete a review of any existing plans that you may have in place. We can also provide expert advice on set up and selection of suitable scheme providers for new schemes.
- Group Pensions Tax Situation
- Company Tax Position
Direct taxation benefits are that contributions made by a Company on behalf of qualifying scheme members are all tax deductible as a business expense against trading profits, in the employer’s accounting period in which the contributions were made
- Employees Tax Position
– Personal Tax Relief on own contributions
– Funds accumulate Tax Free in the pension fund
– Exempt from Capital Gains and Income Tax
– Employees do not pay Benefit In Kind (BIK)
– Tax Free Lump Sums available.
Contact us for more information.