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You have heard the bad news about our pensions and are compelled to admit the news is correct: the statutory retirement pension is a bit on the meagre side, while retirement involves a lot of expense owing to the rising costs of care services, high rest home rental fees, ... A group insurance scheme enables you to build up a very welcome extra pension savings pot for your staff year after year. You may also decide to include some very useful extra coverage in the policy. Pensions, death, hospitalisation, guaranteed income,... A second pillar pension is the key component of a group insurance scheme: the premiums yield a fixed rate of interest that is capitalised. When a person reaches the age of retirement the amount saved up is released as an allowance or a one-off capital payment. The policy may, however, be extended with further guarantees: hospitalisation insurance, guaranteed income cover, death cover,... To offer your staff extra protection. Tax efficient remuneration Group insurance is in fact a deferred wage. You pay it now but your employee receives it only upon retirement. The key difference is to be found in the area of taxation: group insurance premiums enjoy tax concessions and are taxed less than an actual wage. The capital is ultimately paid out subject to comparatively favourable conditions. Pension savings in  the second pillar category are therefore favourable for two reasons. Same for everyone A group insurance policy may be taken out for a group of employees: you may not grant it to one person or refuse to pay it to one person. As soon as a new employee fits the description of the policy's target group, this person is automatically insured. Combined saving efforts You are free to choose the group insurance scheme. It is possible for you to pay the entire premium or to have your employees make a contribution as well.