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Business Income Protection

Don't gamble with the future of your business.

Protect the income of your business.

What would happen if your business had to move premises as a result of flooding?

How would you pay for the cost of moving?

Who would pay for the loss of income?

If the damage was large enough and the move took a long time it could seriously damage the future prospects of the viability of your business.

Why take the risk. Take out business income protection insurance.

Use the quote button above.

PRSA Scheme

Employer PRSA Scheme

 Access

Employers who:  

• Do not currently operate an occupational pension scheme for their employees ,OR

• Who operate an occupational pension scheme but there is limited eligibility for membership for retirement benefits, OR

• Who operate an occupational pension scheme but there is a waiting period to join for retirement benefits of more than 6 months, OR

• Who operate an occupational pension scheme but do not provide an AVC facility to all employees

• Must provide employees with access to at least one Standard PRSA where contributions can be made by payroll deduction, i.e. under the net pay system.

Obligations on employer

Employees who fall into any of the categories above are referred to as ‘excluded employees’

The employer is required to:

• Notify excluded employees of their right to contribute to the Standard PRSA by payroll deduction.

• For employees who wish to contribute, deduct employee contributions from wages and remit to the Standard PRSA

• Allow PRSA providers and intermediaries worksite ‘reasonable access’ to excluded employees at the workplace for the purpose of ‘concluding standard PRSA contracts’.

• Allow excluded employees, subject to work requirements, ‘reasonable’ paid leave to enable them to make arrangements for the establishment of a Standard PRSA.

Employers are NOT obliged to contribute to any employee’s PRSA; their obligations relate principally to providing certain employees with access to a Standard PRSA.

Remittance of contribution

Employers who are required to provide employees with access to a Standard PRSA at work, to which contributions may be made by employees by deduction from salary, are subject to two obligations in relation to such conditions:

• Remit the PRSA contributions deducted within 21 days of the end of the month in which the deduction is made from the employee’s wages or salary, to the PRSA provider’s custodian account. The employer can not make any deduction from these contributions before remission to the PRSA provider.

• Notify each employee each month of PRSA contributions deducted from wages, and any employer contributions, made during the previous month. This can be done through the employee’s payslip.

Co-Director Insurance

Protecting the business with co-director insurance.

 Co-Director Insurance

 Co-Director Insurance is an alternative way of arranging Partnership Insurance for shareholders of a company where to the company carries the burden of the premium payments, rather than the shareholders personally.

A key aspect of the arrangement is that on the death of a shareholder, it is the company which buys back the shares of a deceased shareholder, not the surviving shareholders.

An outline of the arrangement is:

• The company enters a Contingent Purchase Contract with each shareholding, so that in the event of their death, the company would have the option which it can exercise within a limited period of death, to compel the deceased’s next of kin to sell their shares back to the company at a fair open market value. Likewise the deceased’s next of kin would also have an option to compel the company to purchase the shares from them. In this way the purchase/sale of the deceased’s shares can be triggered by either the company or the deceased’s next of kin after death.

• The company effects a life assurance policy on the life of each shareholder covered by such an agreement, to provide funds on death to enable the company to complete the buy back of shares. The premiums are paid by the company. As the policy is owned by the company, the payment of the premiums is not a BIK for Income Tax purposed for the shareholder covered by such a policy.

• In the event of death of a shareholder covered by such a Contingent Purchase Contract, the company would use the proceeds of the policy on his life to buy back his shares on death and cancel them. The surviving shareholders would therefore retain full ownership of the company as the deceased’s shareholding would then be cancelled.

It should be noted that this is a complex arrangement.

For independent advice and help contact one of our qualified experts today.