A valuable financial wellbeing benefit which will help to retain and attract as well as provide security for your employees
Workplace Pension Schemes
MAC work with all providers on the Isle of Man to provide employers with Workplace Pension Schemes for their employees. These are flexible and can accommodate all businesses of various sizes.
The pension is a legal agreement between the employee and provider.
Employees pay regular contributions directly from payroll to the pension provider. Employers can also make regular contributions to the employee’s pension on their behalf. Most employers offer varying matching contribution amounts often based on length of service or role.
Employers have the option of providing a pension scheme through “salary sacrifice.
In the Isle of Man this is known as SMART and is a form of salary sacrifice which results in employees making a national insurance saving. By doing so, the employer also makes a National insurance saving; this can be rebated back into the employees plan or retained at the company’s discretion. It is a requirement to seek approval from the IOM treasury to implement SMART, detail of this will be provided.
MAC will ask you as the employer for various company and employee details to be able to provide quotes. Once the quotes have been obtained, MAC will provide you with a proposal and if approved, MAC will arrange for all employee communication, group presentations and individual meetings for member enrolment.