Employee Group Schemes
Which employee group scheme is right for you?
As an employer, there are many schemes you may want to set up within your company for your employees to help protect their income, to provide for their retirement, and to support their families in the event of a tragedy.
The list below shows some of the different schemes which can be set up.
- Group Pension Schemes
- Group Life Cover Schemes
- Group Income Protection Schemes
We are here to help you understand the key benefits of each of the options and advise you on which structures are best fitted to your company needs and financial circumstances.
Our team can provide on-site presentations and one-to-one meetings for your staff to ensure a good understanding, and efficient set up of your schemes.
Your financial future and security is our number one priority. Our ethos at Symmetry Financial Management is based on providing clear, straight-talking advice, and putting your needs, as a group, at the centre of our business proposition. We are therefore committed to:
- Providing professional advice & services in a straight-forward manner
- Making complex matters more understandable, and
- Assisting your group in making important financial decisions
In short, we’re here to work with you towards achieving your financial goals as a group.
Group Pensions Schemes
A group pension scheme is available to employers with generally five or more employees. Employers can claim tax relief on contributions against corporation tax liabilities and individuals can claim tax relief at their highest rate.
One of the most effective ways of attracting and retaining key employees is by offering an appealing pension and death benefits package.
Contributions are generally a percentage of your employees’ wage or a set figure each month. We will be on hand to assist and advise you and your employees as to which levels benefits both you and them the most.
Employees can also make additional contributions from salary if they so wish in the form of A.V.C.’s and we can advise them on this.
We understand that the health and wellbeing of your employees and also the management of your company are essential to you, therefore we will find the most suitable group pension plan for your business, which is cost effective and not time-consuming to set up.
Here at Symmetry Financial Management we will:
- Help you as the employer to understand pension legislation and investment options
- Advise on the correct and most cost-effective structure for your company
- Help select the correct provider that is best-suited to your needs
- Ensure the pension scheme performance is regularly reviewed
- Make the administration as hassle free as possible for you, by managing the selected provider relationship
Once the group pension plan is in place, our team will engage with your employees for one-to-one guidance on pension scheme benefits, as well as providing literature and application forms for new members.
We will also provide literature and advice to employees on maximising personal contributions, and one-to-one member reviews to discuss individual employees’ funds and needs.
Group Life Cover Schemes
What is Group Life Assurance?
Group life assurance is a life cover policy provided by a company for its employees, i.e. the premiums are paid by the employer, to cover the employees. It provides a lump sum on the death of a member of a scheme.
This is a way for an employer to provide financial security to the family of an employee in the event of that employee’s death during their service. It also provides important peace of mind for employees.
Group life assurance is an attractive benefit that employers can offer to current and future employees.
The underwriting requirements for group life assurance are much less stringent than for individual life assurance cover. As cover is organised on a group basis, costs are significantly lower than equivalent individual life assurance cover.
Administration for you, the employer (and broker) is much more straightforward than purchasing equivalent life assurance cover policies for each individual employee.
How We Can Help
Our team will help you at every step of the way with setting up a group life cover.
This includes helping you to understand the application form and how to set up the scheme under a trust for Revenue approval. Once established under a trust, the scheme can qualify for tax relief on premiums, it will allow for certain benefits to be paid tax-free up to certain limits.
Group Income Protection Schemes
What Is Income Protection?
Income protection is designed to provide an income for employees if they are unable to work for a prolonged period of time due to illness or injury.
Payments begin once a predetermined period called the “deferred period” has passed since the onset of the condition leading to the claim. The deferred period differs according to the specific terms of each policy, but can be set up at 13, 26 or 52 weeks, with the shorter periods being more expensive.
Loss of income due to illness or injury is a huge concern to all employees, therefore this policy can be very valuable to all employees.
The cost of a group income protection scheme can be significantly less than if an employee applies for similar cover on an individual basis.
Underwriting requirements are generally much less strict for income protection on a group basis than if an employee applies for cover on an individual basis.
In most cases a ‘non-medical’ limit is set, which reflects scheme membership and salaries.