New Ireland is very mindful that the COVID-19 pandemic continues to have a huge impact on businesses in Ireland. Many employers have laid-off staff, either on a permanent or temporary basis, while some have had to reduce hours and pay for staff.
We are proposing a number of temporary measures, which will apply for at least 3 months, to assist employers to reduce their running costs and to get through what we hope, will be a short term business need.
The Impact Of COVID-19 On Our Corporate Pension Clients outlines the mains areas of concern for both Employers and Employees when it comes to their pension plans and/or PRSA arrangements and the temporary measures we have put in place.
Some of the topics covered include:
- Can contributions be stopped under the existing pension plan?
- Will employees continue to be covered for Death in Service benefits during this time?
- Will employees continue to be covered for Disability Benefits during this time?
- Will the process for Employer PRSAs be different?
We fully appreciate these are challenging and quickly evolving times for you and your clients. You can be assured we will be supporting you and your clients through them to the very best of our ability.
As always, we welcome your questions and feedback. Please contact pensions@newireland.ie or discuss with your Broker Consultant.