Company Pension Plan

Setting up a company pension plan in Ireland is a strategic move that benefits both employers and employees. It not only helps in attracting and retaining talent but also provides significant tax advantages. Here’s a step-by-step guide to help you navigate the process.

Why Set Up a Company Pension Plan?

  1. Attract and Retain Talent: Offering a pension plan can make your company more attractive to potential employees and help retain your current workforce
  2. Tax Incentives: Both employers and employees can benefit from tax relief on contributions made to the pension scheme.

Types of Pension Plans

In Ireland, there are several types of pension plans you can set up:

  1. Occupational Pension Schemes: These are set up by employers for their employees.
  2. Personal Retirement Savings Accounts (PRSAs): If you don’t have an occupational pension scheme, you must provide access to a PRSA
  3. Small Self-Administered Schemes (SSAS): These are typically used by company directors and key employees.

Legal and Regulatory Considerations

  • Auto-Enrolment: The Irish government is planning to introduce auto-enrolment, which will require employers to automatically enroll employees into a pension scheme unless they opt out.

  • Under the scheme, the employee, employer, and Government all pay a certain amount into the employee’s pension fund.

    A new public body, the National Automatic Enrolment Retirement Savings Authority, will be set up to administer the Auto-enrolment scheme. The scheme will be supervised by the Pensions Authority.

    The rules for auto-enrolment are set out in the Automatic Enrolment Retirement Savings System Act 2024.

Setting up a company pension plan in Ireland is a worthwhile investment in your employees’ future and your company’s success.

Speak to Kenneth today about setting up a Company Pension Plan