Attention all employers, this is important!
We can advise.
Even if you don’t operate a pension plan or certain restrictions apply to your existing scheme, by law you must ensure your employees have access to at least one Standard Personal Retirement Savings Account (PRSA).
An employer who is obliged to provide PRSA access in this way is must fulfil a number of additional specified requirements , including remittance and disclosure obligations.
We are here to help you and ensure that your employees consider the benefits of funding for their future longer term needs.
What is a Defined Contribution DC Master Trust ?
A DC Master Trust is designed for multiple non-associated employers under one trust arrangement. Each plan continues to be administered separately and importantly compliance with the new onerous regulator requirements. However, the employer scheme benefits from being under the one single trust and the economies of scale that go with it i.e. resourcing administration, investment management, trustee costs, legal advisor costs and auditing costs.
What do you need to do if you are an employer ?
You need to recognise the legislation has changed significantly and your scheme needs to begin to adapt.
What are the advantages of an employer using a Master Trust ?
The employer has no need to establish its own scheme, appoint registered administrators and investment managers or liaise with the Pensions Authority and revenue.
There is no need to appoint trustees or auditors to your scheme. This should reduce associated costs and senior management time in operating your own DC scheme..