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Pensions Update from BHP

May 20, 2015

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You may remember that late year we conducted some research on the area of pensions and the level of take up in the sector.  The results were startling in terms of compliance relating to pension provision for staff and but also in terms of the number of owners /managers who did not have any type of pension arrangement in place.

 

See below some of the results:

80% of owner /managers did not have a pension of any type
90% of owner/ managers  did not have an exit strategy from the business in place
80% of childcare and education  settings  do not have a pension scheme or PRSA provision for their staff 
75% of these settings that they would like to be compliant in this regard.

So now is the time to put this compliance piece in order please see details below.

 

Employer Minimum Pension Provision

As an employer you are legally obliged to provide access to a PRSA facility for all staff.

Under current legislation there is no requirement to pay a pension contribution for any member of staff but should any staff member opt to contribute to a PRSA there is an obligation to deduct the contribution from their salary and pass it on to the PRSA provider.

In order to satisfy the minimum legal requirement, you will need to register a PRSA.

 

PRSA Registration

Registering a PRSA is a simple exercise. All you need to so is download and complete the PRSA Registration Form and then email it to info@bhpinsurance.ie or send it to the following address:

The Life & Pensions Team
BHP Insurances Ltd,
Unit 16,
Fonthill Business Park,
Dublin 22

 

The Pensions Reality for You

What do you need to consider regarding pensions ?

  • What income will I have when I retire?

  • What income would I like to have when I retire?

 

The facts:

Current state pension is €230.30 p.w. (at age 66).

People are living longer in retirement.

Qualifying age for State Pension increasing to 67 from 1/1/2021 and to 68 from 1/1/2028.

 

We launched our new Pension service at our Annual Conference in April and if you would like to discuss any areas relating to pensions please contact Barry Ennis at bennis@bhpinsurance.ie

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