Retirement Planning &Amp; Scheme Design

Retirement Planning & Scheme Design

by

John T Sheppard

Retirement Planning & Scheme Design

Ensuring your benefit package is compliant with recent legislation, and, competitive in the market place is essential. At Hennelly Finance, we specialise in tailoring pension plans to meet the needs, and, desires of both employer and employees.

We can put together packages, including pension schemes, which are designed to meet objectives. We can also appraise existing arrangements and advise on making them more effective. Because we are independent, we can offer advice and arrange all types of schemes to meet each client\’s needs, often involving more than one financial institution.

As an independent advisor we have access to all of the main group pension providers operating in Ireland today.

Services Provided

\”Employer advice regarding the installation of the scheme

\”Broking service to source the most competitive charging structure

\”Liaison point with employees

\”Administrative Support

\”Investment advice to employer and employees

\”Ongoing review service

\”Advice to the employer on technical and legal issues surrounding pension schemes

\”Advice to employees who are leaving service

\”Advice to employees who are retiring

Group Life Assurance

A comprehensive benefits package can be a useful aid to staff recruitment and retention, and in this respect, Group Life Assurance Cover, (also known as death-in-service cover); can be a valuable and cost effective component part of this package. Group life assurance cover is usually designed to pay a lump sum benefit on the death of an employee of the sponsoring employer.

Hennelly Finance work with all the major providers of Group Life Assurance in Ireland to provide our corporate clients with the most competitive pricing and a first class personal service.

Why would an Employer want to set up a Group Life plan for their employees?

\”An employer can write off the full cost of providing the benefits against corporation tax.

\”It is an attractive benefit that the employer can offer current and future employees.

\”The underwriting requirements for group life business are much less stringent than for individual life cover. Non-Medical limits are set based on the size of the group and the levels of cover.

\”As cover is organised on a group basis, costs are significantly lower than equivalent individual life cover.

\”Administration for the employer is much more straightforward than purchasing equivalent life cover policies for each individual employee.

Group Income Protection

Group Income Protection, also known as Permanent Health Insurance or Long Term Sick Pay, is an often overlooked, yet increasingly valuable, employee benefit. Many employers will continue to pay employees for a period after the onset of incapacity. In the event of a long-term incapacity however, the employer, if only for commercial reasons, will be reluctant to do so indefinitely. The employer may then be confronted with an unpleasant moral dilemma, of whether to continue income beyond any contractual obligation period, particularly where a long serving and loyal employee is concerned.

A Group Income Protection plan allows you as an employer to safeguard the financial well-being of your staff by providing them with a replacement income during long-term absences from work through illness or injury. If you already have a scheme in place which is due for renewal, Hennelly Finance can review your cover to see if savings can be made for the company.

Key benefits of a Group Income Protection Plan:

\”Valuable financial benefit for staff at a relatively low cost to the company

\”Can be part of an attractive benefits package for key employees

\”Costs of long term staff absence reduced

\”Flexible choice of benefits

\”Cost of Plan reviewed annually by Hennelly Financial Services

\”Employee Assistance programme for staff who are claiming on the plan – helps with back to work programmes.

\”Proportional benefit helps support employees returning to work

\”Reduced underwriting requirements for Group plans – little medical underwriting required.

Group Private Medical Insurance

Private Medical Insurance cover is recognised by many employees as an increasingly valuable employee benefit. Employers can also benefit from the fact that employees are treated quickly and without fuss, enabling them to return to work in a timely manner. For key personnel, it can be beneficial having the ability to select a time and date for treatment to be carried out, causing minimal disruption to the business. Hennelly Finance are an approved health insurance intermediary for Aviva Health and are more than happy to advise you on the best plan for your company\’s needs.

Corporate Financial Planning

Many businesses recognise the need to insure their company property, equipment and fixed assets. However, they continually overlook their most important assets – the people who drive the business. Many fail to realise the impact on the financial security of the business that would result, following the death of a key employee, director or shareholder. Independent and impartial advice is invaluable to achieve the best possible value for money. Hennelly Finance can offer a service, which reviews any existing arrangements and makes recommendations for improvement, where appropriate.

Business Insurance/Commercial Insurance

Our specialist team of insurance professionals understand the risks involved within all aspects of commercial business, and will provide you with personalised risk assessments and professional advice to help you understand the risk considerations within your organisation, as well as ensuring you have the right cover in place for the needs of your business. We offer a wide range of insurance products which can help protect your business from the risks of trading.

Hennelly Financial Service t/as Hennelly Finance is regulated by the Central Bank of Ireland.

For more information about Retirement Planning, Group Life Assurance, Group Pensions or any other Financial Services, please go to http://hennellyfinance.ie

Article Source:

ArticleRich.com