Corporate Pensions
Recruitment, Retention, Reward;
3 Things that Ensure Happy Staff and a Successful Company
I review workplace pension schemes and life cover on a regular basis for company CEO's. This means the CEO can relax knowing their staff pensions are taken care of, their staff are happy and more likely to stay with the company.
We understand you are busy so let us take care of the company pension saving you time and money.
If this is something you are interested in then contact Gwen.
Benefits of GCFS Taking Care of Your Company Pension;
- Death in service cover for your staff
- 12.5% tax relief on all contributions made by the company
- Staff are happy because they can make additional voluntary contributions
- Tax free lump sum when your staff retire
- Trusteeship no longer your headache
- Monitoring of the fund is in our hands and not a worry for you
- Added bonus for your staff is full access to our services
- When you take care of your employees they take care of your business
Frequently Asked Questions on Corporate Pensions
Why should an employer set up a company pension scheme?
A company pension helps you attract and keep good staff. It signals that you take their long term wellbeing seriously. It can include death in service cover, giving employees valuable protection. It also lets staff make additional voluntary contributions to boost their own retirement savings. For many businesses it is one of the most cost effective benefits available, because the contributions are tax efficient for the company. Happier, more secure staff also tend to stay longer, which reduces the cost of recruitment. Your team members will all appreciate that you attended to their pension on their behalf, because it is complex and a total PITA.
What tax relief does a company get on pension contributions?
Employer contributions to an approved pension scheme are normally deductible against corporation tax, which is charged at 12.5% on trading income. The contributions are not treated as a benefit in kind for the employee, so staff do not pay income tax, USC or PRSI on what the company pays in. Employer contributions also sit outside the age related percentage limits that apply to personal contributions. This makes a company scheme an efficient way to reward staff and for owner directors, to build a fund.
How does a company pension compare with auto enrolment for staff?
Auto enrolment gives every eligible employee a very basic pension, but a company scheme can offer more. Occupational schemes usually provide a wider choice of funds, the option of additional voluntary contributions, marginal rate tax relief on employee contributions and in many cases earlier access to benefits. A qualifying company scheme also exempts staff from being enrolled in My Future Fund. For employers who want to offer a better benefit than the bare minimum requirement, a company scheme is often the better route.
Who looks after the trustee duties and administration?
Running a scheme involves trustee responsibilities, regular monitoring of the funds and ongoing administration, which can be a burden for a busy employer. These duties can be managed on your behalf, so the scheme stays compliant and well run without taking up your time. Regular reviews keep the scheme suitable for your workforce and confirm the funds are performing as expected. That leaves you free to focus on running the business rather than the pension paperwork. And your team members can focus on their respective jobs.
Can directors and business owners build a pension through the company?
Yes indeed. A company can make substantial contributions to a pension for a director or owner and those contributions are generally deductible against corporation tax. This is one of the most effective ways for business owners to extract value from a company in a tax efficient way. There is a lifetime limit on the value of tax relieved pension benefits, known as the Standard Fund Threshold, which is currently €2.2 million in 2026 and is rising in steps to €2.8 million by 2029. Advice is essential to fund this correctly.
People Also Ask
What is an executive pension or master trust?
An executive pension lets a company fund a tax efficient pension for a key employee or director. See our executive pension and master trust page.
What must employers do under auto enrolment now that it is live?
Employers must enrol eligible staff in My Future Fund unless they are in a qualifying scheme. Read our guide to auto enrolment.
Can we provide death in service cover for our staff?
Business protection can provide a lump sum to an employee family if they die in service. See our business protection insurance page.
What happens to a company pension when an employee leaves?
When someone leaves, their benefits can often be moved into a bond held in their own name. See our personal retirement bond page.
What are the retirement options for scheme members?
Members can usually choose between a guaranteed income and a flexible invested fund at retirement. See our retirement planning page.