Executive Pension:
An executive pension is a defined contribution occupational pension plan, issued by a pension provider to an employer, with an employee/director of the company named as the beneficiary of the pension plan. The plan is held by the trustees on behalf of the employee/director. This type of pension can be set up for any employee or director of a limited company, but is typically set up for owner directors of small businesses. They can also be set up for senior company employees.
Self Administered Pension Plan’s:
A self administered scheme is geared towards the owner director of a limited company. It would be expected that pension contributions would be towards the higher end of the scale.
A self administered pension scheme, similar to a self directed pension plan, allows the beneficiary of the pension to take complete control of his/her pension investment decisions. The difference with a self administered scheme is that a pension provider such as an insurance company is not used for the provision of the pension structure.
Key Person Insurance:
Key Person Cover is life cover taken out by a Company to cover the life of a key member of staff, without whom the company would struggle financially (a person upon whom the company relies heavily for the income stream and the day-to-day running of the company)
The policy effectively pays a capital injection to the company during a period when the company is recovering following the death of a key employee.
Company Director Share Buy-back:
By having a Co. Directors Life Insurance policy in place, funds are available to the other shareholders to purchase the deceased's shareholding. This also ensures the deceased's estate will immediately receive the market value of the Director's shareholding.
Partnership Share Buy-back:
Partnership cover is taken out by partners in a firm to insure that each partner in the business takes out life cover on each other’s life. The proceeds of the policy should one of the partners die is used to buy out the shareholding of the deceased’s spouse.
Approved Retirement Funds (ARF’s):
An approved retirement fund (ARF) is a post retirement investment fund. This is an alternative to buying an annuity, i.e. an annual income, with your pension fund at retirement. The following pension investors can avail of this option at retirement.
- Personal Pension Plan Investors
- Personal Retirement Savings Plan Investors
- Proprietary Directors owning greater than 5% of the voting rights of a company
- Members of employer sponsored pension schemes who have made Additional Voluntary Contributions (AVC)
Pension term Life Insurance
Pension Term Assurance, is life cover that pays your dependants a guaranteed lump sum if you die during the term of the plan. The advantage of this type of life cover is that it costs you less because if you are eligible you can claim tax relief on your contributions (up to certain limits).
Long Term Disability
Long Term Disability cover can provide you with a replacement regular income to age 65, which is paid, if you are unable to work due to an unexpected illness or injury. It gives you financial support, so you’ll have time to focus on getting back on your feet.
With full tax relief on premiums payments this is a very cost effective means of insuring your ability to earn an income.
Employers will generally not pay for extended sick leave and the State Long Term Disability Benefit only provides for a subsistence level of income.(Please see www.welfare.ie for more information).
Affinity Schemes
We structure Voluntary Group Schemes for a variety of organisations:
- Group Life Schemes (GL)
- Group Critical Illness (GCI)
- Group Additional Voluntary Contributions (AVCs)
- Group Income Continuance Plans (ICPs)
- Group PRSA Schemes
Financial Healthcheck
JLT’s Financial Healthcheck can help diagnose the current shape of your finances and it's also a useful first step to maintaining a healthier financial lifestyle. Best of all, the whole procedure is secure and confidential; there is no obligation on you whatsoever!
So contact JLT today and ask to speak with one of our Financial Advisers and arrange your Financial Health Check Now on 01 2026000.
