This offers a valuable Death-In-Service benefit for employees whilst working for their employer.

The benefit pays a lump sum to the employees’ dependents, which is intended to help them through some of the difficulties that losing a breadwinner can bring.

There are economies of scale in obtaining group terms which means that an employer can offer a multiple of salary benefit for their employees at a reasonable cost to the business and as part of the employee’s overall benefits package.

It can be the best way for the member to put fairly high levels of cover in place and as the members are underwritten on a “scheme basis”, there is often no need to underwrite each one individually.

Group Life Assurance is put in place to run alongside some form of Company Pension scheme although it is costed and insured separately to allow the adviser to secure the best rates year on year.

Frequently Asked Questions

The concept of a Workplace Pension Scheme was introduced by the Pensions Act 2008.  All employers in the UK are required to establish a Workplace Pension Scheme on their Staging Date.  On you Staging Date and each subsequent Pay Period you must carry out an Assessment of your employees.  The employer must deduct a contribution from the earnings of all their Eligible Employees and pay this to the scheme along with an employer contribution.   A process called Automatic enrolment.

Hi Iain, I cannot thank you enough for the advice, support and service you have provided to me throughout this process which has been outstanding from start to finish. You have made the entire process easy and hassle free and have negotiated an enhanced annuity for my father. I cannot thank you enough and will recommend you wholeheartedly to every single person I know that ever needs pension advice or indeed financial advice of any kind. Best regards David
David StranaghanRelationship Manager, Third Party OperationsTesco Bank