Employers
Providing benefits for employees is an excellent way to attract and retain your staff and to demonstrate how much you value their long term commitment to your business.
Today’s business environment presents both financial and legal challenges for employers looking to provide benefits for their employees. It has never been more important to ensure that you have the right company pension plan in place to provide the pension and protection benefits your employees need.
Defined Contribution or Group PRSA?
As an employer/trustee, you now have a choice of a defined contribution Group Retirement Plan or a Group PRSA arrangement. Each scheme has its own distinct benefits, therefore it is important that you obtain professional advice to help you select the most appropriate company pension scheme for you and your employees’ needs.
Click here to contact your local Bank of Ireland Life Insurance & Investments Manager.
For information on the main points under which you should consider choosing a defined contribution Group Retirement Plan or a Group PRSA arrangement as your company pension plan, download our leaflet Providing Benefits for Employees in a challenging business landscape.
Company Pension Choice from Bank of Ireland Life
Bank of Ireland Life’s range of Company Pension Plans includes both a defined contribution Group Retirement plan and a Group PRSA, both of which offer:
- Competitive and transparent charges
- Tailored member service
- Online access to view plan for both Employers and Employees
- Wide range of investment funds including “IRIS”
If you are interested in a Group PRSA arrangement, check out our Employers Guide to Group PRSAs
To find out more about our Group Defined Contribution Plan, download our guide for Employers Group Retirement Plan, Employers Guide
Investment Choice for Group Pensions from Bank of Ireland Life
Defined Contribution Schemes
We can provide our Investment Choice solution, which offers:
- Trustee indemnity from fund selection responsibility (provided certain conditions are met).
- Flexibility – employers can opt to offer choice on the main scheme or AVC scheme only.
- Choice – members can pick from a suite of 12 pension investment funds.
- IRIS - Ireland’s longest running pension lifestyling strategy, tailors the investment strategy for each member, depending on their term to retirement. The Pensions Board recommends that defined contribution schemes offer members a lifestyle fund as their default investment strategy. IRIS delivers in good times and bad, and is the ideal solution for members who want security of a fund at retirement to purchase a monthly pension for life and provide a tax-free lump sum.
For more information on the funds available, download our Investment Choice brochure
Group PRSAs
With a Group PRSA, the employer is completely removed from the investment decision making process. We offer your employee members:
- Choice - members choose from a suite of 12 funds, provided by two of the leading fund managers in Ireland. We recognise that everyone is different, which is why our PRSA investment funds include options to suit individuals at different stages in their lives, with different needs and retirement goals.
- IRIS – Ireland’s longest running pension lifestyling strategy, designed to meet the needs of those employees who want the security of a retirement fund that will provide a tax-free lump sum and a regular, secure income in retirement.