Group life assurance schemes

The Group Life Assurance Plan provides an employee's family with either a tax free lump sum, or dependants' pension, or both, in the event of the employee's death. Group Income Protection schemes can provide a company with a regular income is an employee has a prolonged period of absence due to illness or accident. This income can then be used to provide the employee with a replacement income whilst absent, or the company could use the income to cover the cost of a replacement until the employee is well enough to return.

In an increasingly competitive business world, it can be a valuable addition to an employee benefits package, which is useful in attracting and retaining loyal employees.

Employers can tailor the benefits to suit their company and their budget.

To obtain favourable tax treatment these arrangements should be set up under Trust and approved by Her Majesty’s Revenue and Customs (HMRC).