Group pension plans are a well-structured, targeted benefit that a company can offer, especially to executives with long-term prospects and added responsibilities.
These plans function as long-term savings schemes, with regular contributions made by the employer (and optionally the employee) to build a retirement fund, accessible at the end of employment or in special cases such as disability or early departure.
At the same time, the company enjoys tax advantages, as all contributions are fully deductible as business expenses at the end of the financial year. Additionally, group pension plans allow bonuses to be allocated to employees under favourable tax conditions.
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