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Claeys & Engels advises clients on their occupational pension plans. Our attorneys draft and amend company and industry-wide pension plan rules and other relevant documents in order to implement plan design changes and to comply with new legal and case law developments. Claeys & Engels also facilitates all pension-related aspects of international employment situations and advises a large number of pension funds on issues relating to their structure and governance.
Ius Laboris lawyers span more than 50 countries and we have an in-depth knowledge of occupational pensions law across the piece. We advise our clients on pensions in a straightforward and accessible way.
A pension is a fund into which a sum of money is added during an employee’s employment years, and from which payments are drawn to support the person’s retirement from work in the form of periodic payments. A pension may be a “defined benefit plan” where a fixed sum is paid regularly to a person, or a “defined contribution plan” under which a fixed sum is invested and then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular installments for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment prior to retirement.
Occupational pensions and auto-enrolment
An occupational pension is a pension scheme provided by your employer. There are many different types.
An occupational pension is paid on top of your basic state pension and – unless you are contracted out of it – on top of your state second pension as well. The contributions you pay to an occupational pension scheme are separate from and on top of the national insurance contributions you pay for your basic state pension. After the introduction of auto-enrolment pensions, which began in October 2012, employers now have to set up and contribute to a pension scheme for their staff. But this will only apply to some employers in the future: auto-enrolment is being phased in, starting with the very biggest employers
In general, large employers in Ireland have occupational pension schemes, but many smaller employers throughout the country do not.
Each pension scheme has its own set of rules. Pension schemes nationally are generally regulated by the Pensions Authority. Members of schemes have certain rights in respect of such matters as information. Contibutions to approved occupational pension schemes may attract tax relief. Regulation for tax purposes is supervised by the Retirement Benefits District of the Revenue Commissioners.
Occupational pension funds are financial institutions that manage collective retirement schemes for employers, in order to provide benefits to employees.
Occupational pension funds benefit from the principles of free movement of capital and free provision of services in the EU. This means that
Occupational Pensions | ETK
Employers in Finland may arrange occupational pension provision for their employees through either a group or an individual pension insurance.
The group pension insurance is collective and requires that the persons covered by the group pension insurance are selected objectively on the basis of, for example, their job tasks or occupational status. If the intention is to target the occupational pension insurance at a specific person, the employer has to take out individual pension insurance for the employee in question.