Corporate Schemes at DW Financial
At DW Financial we are aware that every company is different and has different needs. Whether it is advising on a benefit package for your Directors and Key Employees or setting up a Group Scheme for your staff, we can advise on the best options for you.
We can guide you on Executive Plans designed for individual members or Group Schemes to cover all staff. Whether it is death in service, income protection or a pension plan, we will find the best product for you and your company.
With auto enrolment on the horizon for companies, now is the ideal time to review your options.
What is Auto Enrolment?
Auto enrolment is a Government Initiative to bridge the pension gap in Ireland. It is currently expected to be launched in 2022. It does not apply if you are already a member of a company pension scheme that provides higher contribution levels than auto enrolment or if you are a member of a defined benefit scheme.
Key points of note:
- Automatic enrolment is to apply to those in employment between the age of 23 and 60 and have earnings of at least €20,000 per annum.
- There will be an option for employees under 23 years of age or over 60 years of age, or earning less than €20,000 per annum to opt into the scheme.
- Contributions are compulsory for the first six months of membership. There is then options for limited contribution holidays.
- Employers must make a matching (tax-deductible) contribution at a specified rate.
- There are minimum contribution levels that increase every 3 years to a maximum of 6%.
- Employees can choose their provider.
- Pension providers must offer a limited number of standard investment choices.
We have several companies that have recently reviewed their staff benefit package and implemented Executive and Group Schemes.
At GPX Rail Ltd, Director Mick Hanley had the following to say:
“DW Financial provided a full review on our company benefit package. They reviewed protection and pension benefits for all staff, owners and directors. They set up the agreed policies and schemes and have provided an excellent ongoing service to us and our team.”
If you are interested in discussing your own or your company’s needs, contact us today to book a free consultation.