Managing pension issues is becoming increasingly complex for business owners, companies, and fund trustees.
Most defined benefit pension schemes are on a knife-edge despite numerous alleviation measures announced by the Pensions Board and recent Government announcements around additional investment flexibility. The vast majority have been underwater for some time, and a radical restructuring is becoming increasingly pressing in order to put schemes on a sustainable long-term footing. Defined contribution schemes are—due to the certainty of their costs—generally viewed as a much more manageable alternative. However, they are not without their shortcomings in terms of adequacy, choice of investment funds, and associated member education.
At the same time, the taxation of pension contributions and benefits for employers and employees is undergoing significant reform, leading to extra costs for employers.
KPMG’s multidisciplinary Pensions Advisory Services team includes highly qualified and experienced actuaries, tax advisers, pension consultants, corporate finance professionals and qualified financial advisers who utilise local actuarial and consultancy experience to provide broad-based, commercial advice to a range of clients. Our tax advisers have significant experience in this area and provide the following services:
- Advice on the establishment and implementation of pension schemes, both defined contribution and defined benefit
- We advise on pensions disputes that arise for companies with the Revenue Commissioners
- We advise companies on potential tax implications arising on the restructuring and wind-up of pension schemes
- Valuations of pensions in conjunction with our team of actuaries
- Advice on tax free lump sums potentially available to individuals on retirement
- Combine our forward-thinking pension offerings with our local knowledge to provide tailored, progressive arrangements for Irish pension schemes
If you require further information on pension issues, please contact Eric Wallace (firstname.lastname@example.org).