Employers Tip- October 2011: Let Paycheck Plus help you comply with your Employer Pension Obligations
Paycheck Plus now has an associate Qualified Financial Advisor who can help you, set up a pension scheme for your employees.
Contact Paycheck Plus today and we will arrange a meeting for you with our associate QFA who will advise you of the best Pension Scheme options for your employees.
All employers are required by law to provide access to a pension for all employees whether they are in full time, part-time, temporary, contract or casual employment. If there is no in-house scheme, or there are restrictions on entry, contribution amounts or benefits, then a Personal Retirement Savings Account (PRSA) must be offered by law. Failure to comply is a criminal offence and could result in a fine of up to €12,700 and/or up to 2 years imprisonment.
The employer may contribute to the PRSA if they wish, but are not obliged to do so. The employer is obliged to allow employees time to explore the PRSA in-depth and discuss their scheme with an advisor during paid working hours.
Providing a Company pension or occupational pensions scheme is a tax-efficient savings plan put in place by the employer to provide a retirement income for employees. The employee also pays less PAYE on their relevant earnings.
Help your employees to recognise the benefits available to them from Revenue as they make a contribution towards their retirement. A useful pension calculator is available at www.pensionsboard.ie