Probably the most tax efﬁcient way to extract proﬁts from your business is through an executive or directors pension due to the very attractive funding options available. A company can set up a pension for its directors which allows them to transfer company proﬁts away from the business and avoid paying the corporation tax on these proﬁts.
Any contributions to the directors pension are ﬂexible and there is no BIK liability on the monies received from the company. The director can also make personal contributions to these plans to reduce their own personal tax liability.
An additional beneﬁt of these plans is that the director can retrieve their pension from age 50 and avail of one of the many retirement options.
As an employer, providing a well designed company pension plan to your employees fosters goodwill and helps to attract, motivate and retain key employees.
Secure Financial will play an active role in engaging your employees so that they recognise the value of your company’s investment in them and become actively involved in their own retirement planning.
Some employers ﬁnd setting up a company pension to be a difﬁcult and owner-sum obligation, this does not have to be the case. With a Group Personal Retirement Savings Account PRSA, you can provide your employees with the most straight forward and cost effective company pension beneﬁt