The Importance of Employee awareness in the Redundancy Process – what you as an Employer can do

Redundancy isn’t the most pleasant topic to discuss, but it is important.

Both Employers and Employees face making difficult decisions, sometimes these decisions have to be made within a very short timeframe and unfortunately, in the current climate it is becoming all too common that people are losing jobs and finding themselves plunged into the uncertainty that comes with this.

Employees who find themselves being made redundant can feel that they are in a lonely place and have nowhere to get information or advice. Employers have a duty of care and an obligation to ensure that all employees understand the redundancy process and know what their entitlements are. However, Employers may struggle to find a solution to how best address the needs of their employees at this difficult time.

We in Premier Financial have developed 4 online educational courses specifically tailored for Employees facing redundancy. This suite of products provides a cost-effective means of providing a...

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Is it time to rethink the importance of money?

As economies around the world start to cautiously emerge from their various states of lockdown, people are also stepping back into the light albeit gingerly and carefully. Some shops and services are open for business again, others have a while to wait still. Some activities that involve mass gatherings such as sports events and concerts face a quite uncertain future for some time to come.

The last few months have been a time of great uncertainty for all of us. Apart from the threat to our health, most people’s work lives have undergone significant changes. For some, this has been a very difficult period with businesses closed and jobs gone for a while, or in some cases for good. Others have experienced reduced income as a result of the Covid-19 restrictions. Some lucky people have not really been hit in the pocket; they have just had to adjust to a different way of working.

We’ve all had quite a bit of time to think, both about the present and also what the future might...

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What do your money and the coronavirus have in common?

A recent phone conversation with a client triggered this article, as we were discussing the volatility in markets over the last few months. This was a relatively easy conversation, as this particular client has a very measured view to managing her pension fund and her investments. She doesn’t make rash decisions, she maintains a long-term perspective and doesn’t fret over every movement in the markets.

Our conversation then moved to on to the impact on all our lives of the Covid-19 restrictions – this is a topic coming up in every single conversation we’re having these days! As we chatted through the impact of the Covid-19 pandemic, we came to the conclusion that there are a lot of similarities between the worries caused by money and those caused by the pandemic. Let me explain…

 

It’s very easy to lose perspective

When the markets take a big hit as they did from the middle of February to mid-March, it’s very easy to lose perspective....

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What does ageing look like in Ireland today

We’ve written before about the importance of a very planned approach to retirement. Having a healthy pension fund is what springs to mind for all of us in this regard – of course this is very important, as having access to financial resources will help you to ensure that you can enjoy your retirement and live it on your own terms.

But it’s not only about money. Money may be an enabler of the lifestyle that you choose. But you have to first of all do some thinking about what that lifestyle actually looks like! Who are the people that will be around you, where will you live, how will you fill your days, will you continue to work etc.? All of these are important questions that require careful consideration.

We recently came across The Irish Longitudinal Study on Ageing (TILDA), which is a large scale, nationally representative, long-term study on ageing in Ireland. It collects information from adults aged 50 years and over resident in Ireland and is one of the most...

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Stay on your best investment behaviour during these troubled times

We are living through unprecedented times, that will be remembered by us all for ever. Our focus is on staying healthy and flattening the Covid-19 curve. We are worried about our own health and that of our loved ones, particularly the elderly who are cocooned in their own homes. Some of you have seen your jobs disappear (hopefully temporarily) and others have seen their income reduced.

On top of all of this, stock markets have been extremely jittery and this is causing anxiety for investors and pension plan holders. Do you remember when all we had to worry about was Brexit?? However we can help you manage this investment anxiety. After all, while Covid19 is a unique event, volatile stock markets certainly are not. We've seen them before and we'll see them again. The key is not to panic and make any rash decisions. So, what do you do?

 

Stick to the plan

Your financial plan was developed to guide you to achieving your goals. Your plan is there to guide you, both when markets are...

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8 important principles to teach your kids about money

In today’s era of consumerism on a grand scale, it can be hard to maintain a clear and constant perspective about the value of money. Many of us muddle along, surviving, making mistakes and getting by. However this is no example to give to the next generation who are likely to pick up on our behaviours and habits. Instead we need to carefully teach our children about how to act responsibly with money and to give them the best chance of building positive financial habits for life.

We’ve set out a few areas that you might like to talk to them about as they begin their lifelong relationship with money.

 

1. Establish a savings routine

This can start as soon as children start to receive pocket money. Encouraging them not to spend it all as they receive it and instead to save for a bigger treat to be bought every few weeks or months can set in place the benefits of delayed but ultimately greater rewards. We all know the benefits as we’ve got older of saving for...

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Don’t build your future based only on what’s happened in the past

Let’s be honest, who really saw Sinn Fein winning the numbers of seats that they won in the recent election? After all, they had never come close to winning such a large number before. And we also see surprising results all of the time in sport - who really thought that England wouldn't win the Rugby World Cup last year after such a comprehensive win over the All Blacks in the semi final? And sure South Africa were no great shakes.. These events show that recent history doesn’t determine the future and that one small factor can change everything. We see it in politics and sport all of the time - the past is the past, and its not always a good guide to the future.

The same rules apply in business. It’s very dangerous to base decisions only on what happened recently, which is known as recency bias. It is the phenomenon where people recall and give more credence to very recent events, as opposed to events from the more distant past or indeed other tried and trusted...

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What's your financial plan for the next decade?

How has this happened? Surely we can’t already be facing into a new decade! Many of us remember fondly the big party we were at on New Year’s Eve as we entered the new century – and all the worries about the Y2K bug that was going to bring the end to many IT systems across the globe. We’re coming up to the 20th anniversary of that now…

Time just relentlessly marches on. It never changes pace and before we know it, another year or another decade has slipped by. As we entered the current decade, the world was struggling to emerge from the deepest economic crash in a generation. Many people in Ireland had lost their jobs, had lost a lot of money in investments – particularly in property ventures and bank shares and were really struggling under enormous piles of debt. Many were simply hanging on at that stage.

The last decade has been a period of re-birth for many, but certainly not all people in Ireland. Personal debt issues have reduced, but this...

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How tidy are your retirement affairs?

As part of our work with clients, one really important element of an overall financial plan is retirement planning. Of course, it happens quite often that clients are some way along this journey before we come into contact with them.

What we see sometimes leaves a lot to be desired… Some people think they are well on the road to a comfortable retirement. However when we investigate, we don’t see a plan, we simply see a lot of policies. These clients often don’t know what they have – they know they have “bits and pieces” of pensions and are assuming that they all add up to a satisfactory picture. Quite often, this is not in fact the case.

Sometimes of course, having lots of different policies makes perfect sense. That is, when it is part of a planned retirement strategy where it is beneficial to have multiple policies. A client may have multiple sources of income for example, each requiring a different approach. Or a client may have a specific...

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Is it time to save regularly for retirement?

Paying tax bills can be a challenging time for both business owners and sole traders alike. Of course if your business is very successful, tax is simply an expense that needs to be met when your tax payment deadline rolls around. However, there are also many small enterprises that don’t enjoy the comfort of high levels of excess cashflow. For these businesses, the tax payment deadline can be a stressful time, gathering all expenses together and working with your accountant to identify ways in which you can legitimately reduce your tax liability.

Pension contributions are rightly viewed as one of the most effective ways of reducing your tax liability. The challenge is often having the spare cashflow to make that pension contribution while also being able to meet your tax payment! And as a result, the pension contribution often gets reduced or indeed removed in order to meet the tax liability. The unintended consequence of this is that your retirement plans and future lifestyle...

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