Reasons for Getting Offshore Pension Advice for Your Employees

A lot of business owners – big and small – should consider getting an offshore pension advice and setting up a pension plan for their employees. There are many schemes made available by the Occupational Retirement Scheme Ordinance (ORSO). Even businesses with just one employee qualify for the scheme. Having ORSO in your place of business is a definite advantage for both you and your employees. Some owners still hesitate because they fear that the process might be too complicated. However, what they fail to consider is that they can make the application so much easier by getting professional advice. Not only will it allow make the process quicker; it will also help clear out some details that might have been confusing about the ORSO scheme.

Why you need offshore pension advice?

Offshore pension advice can take a lot of the complications out of getting your employees a pension scheme. What’s more, you can be sure that you’re getting a scheme that works for your business, no matter what the size. Moreover, employees are not the only ones who will benefit from an ORSO scheme. Any financial expert will tell you: if you manage your own business, you’re eligible for a pension, too.

As a business owner, it’s important to take care of your employees’ needs. This doesn’t just mean giving them a fair pay and decent hours. It also means securing their future. You can do this by giving them a means to live well beyond retirement. Getting the right scheme is crucial to this, which is why seeking professional advice is a good option.

Legalities is another matter worth seeking offshore pension advice for. If you already have an ORSO scheme in place in your business, then it’s worth knowing the dos and don’ts. For example, did you know that assets acquired after 15 October 1993 are not allowed to be investments if you have the ORSO in place? However, this stipulation is also restricted by the extent of which the law allows investments. As you can see, this can get quite complicated, as missing a minute detail can cause dire consequences.

When in doubt, the best option is still to get offshore pension advice.