One of the main challenges for businesses is to attract and retain good staff. In order to source and hold onto the kinds of employees you want, it’s a good idea to ensure they feel valued and trusted. Having a comprehensive employee benefit package, such as a group pension can really put you ahead of the competition as a company.
A Group Pension is a trust-based agreement to help your employees plan for their retirement. Not every employer is so sure about the details and that’s okay!
Murray and Spelman Financial Services will provide impartial, unbiased group advice for you and your business. Our qualified teams in Kildare and Galway will research and explain the most suitable options available to your business in an easy-to-understand, jargon-free manner.
How We Can Help You
We will arrange an initial comprehensive presentation followed by periodic presentations to scheme members, to explain how their pension plan works, their investment options and the other employee benefits provided by your business.
We will design an engagement plan which will include the following advisory services:
- Employee Benefit Package – we will actively promote the Pension Scheme and associated benefits to all members of staff through group presentations, video calls and one to one meetings. We will help members to engage and understand their retirement planning process to enable them to better prepare for their retirement.
- Pension Funding Review– we can analyse members’ pension position, by looking at member target pension, contribution level and pension investment performance.
- Financial Wellbeing / Personal Financial Reviews – when requested by the members, we will advise on their day to day personal financial arrangements to ensure their goals will be achieved. This includes; pensions benefits accrued from previous employment, Life & Serious Illness cover, Mortgages and Savings/Investments.
- Joining the Pension Scheme – when new members are joining the pension scheme we will engage with and advise the member as to how the scheme works and the benefits.
- AVC Investment– we will advise and encourage Additional Voluntary Contributions (AVC’s), in addition to member pension scheme contributions. Illustrations on how AVC payments can enhance member retirement benefits will be explained.
- Leaving Service Options– when leaving service, we will advise on member leaving service options.
- Retirement Advice – when members have reached their retirement age, we will engage with them on the retirement options available to them, maximising their Tax-Free Lump Sum, advantages/disadvantages of Annuities v’s Retirement Funds. The purpose here is to cut through the jargon, to empower the member to choose the best option for them based on their circumstances.
- Risk Benefits – these benefits are generally undervalued and misunderstood by employees until they are needed (family benefits on death and disability).
It is important that we assist employee understanding of the pre and post retirement planning issues with pensions. It will contribute to the feeling of financial wellbeing.
If you’re thinking of starting a group scheme in your company, we have the answers.
Murray & Spelman Financial Services can help your business today.
Murray & Spelman (Financial Services) Ltd help you plan for your future, while you live for today!
Contact Murray & Spelman
If you would like to learn more or ask specific questions, please contact us below. Contact Murray & Spelman Financial Services Ltd over the phone or by email, to find out more and receive a complimentary consultation.