The Government has introduced auto enrolment to help more people save for their future. This means that employers will need to automatically enrol some workers into a workplace pension plan and give other workers the option to join.

Enrolment legislation gives employers a duty to:

• Automatically enrol all Eligible Jobholders
• Communicate to workers providing timely and appropriate information
• Allow Non Eligible Jobholders to Opt-in and Entitled Workers to Join
• Facilitate Opt Outs within the opt out period and promptly refund contributions
• Automatically re-enrol all eligible jobholders every three years
• Complete registration with the Pensions Regulator
  Keep records
• Maintain contributions

Helps you protect your business if a key employee, shareholder or partner dies

Life Cover is used to protect your business through our innovative solutions – Key Person Cover, Shareholder or Partnership Cover and Loan Protection. Life Cover provides a lump sum cash payment if the person covered dies or is diagnosed with a terminal illness (with a life expectancy of less than 12 months). The person covered could be a shareholder, business partner or Key Person.

Provides the Business a lump sum if the person covered becomes disabled because of an accident or suffers a severe illness.

It helps you protect against the financial impact should a key person, shareholder or business partner become severely disabled. If the insured person covered becomes disabled, this cover gives you financial support to keep your business running.
Disability Cover for Business is an optional extra on Business Protection Life Cover.

It provides a payout for conditions that are so severe that the person covered is no longer able to work in the business and is unlikely to recover.

The cover amount for Disability Cover for Business can be different to the Life Cover amount.

Many businesses find that certain key individuals are responsible for a large part of their profits. Losing one of them can have a serious impact on the health of the business.

Key Person Cover, you can keep the impact of their absence to a minimum. If the key person were to die or suffer from a severe illness, the policy pays a lump sum to make up for any loss in revenue or profits, helping to keep the business on track.

If one of your shareholders dies or is suffering from a severe illness, their shares will usually pass to their beneficiaries. To regain full control of the business, the surviving shareholders will need to buy the shares back. But they might not have the available capital to do this.

With Shareholder and Partnership Protection, you get a lump sum if a shareholder or a business partner dies. This helps to cover the cost of buying their shares – so you can keep control of your company.

If your business borrows money, it’s understandable you will want cover to repay all, or some of that loan on the death or severe illness of a key person. If you lend money to your own business, creating a Director’s or Partner’s loan account, this may also need to be repaid on death. Some business loans may also have personal guarantees, if the business fails due to the death or illness of an owner or key employee and the business doesn’t have the funds to repay them, the guarantee could be used by the bank and put personal assets, including the owner’s home, at risk.

Lenders may have the right to demand that the business pays back any outstanding loans and this could be difficult to pay off at short notice.

Loan Protection solutions means you won’t have to worry. If a business owner dies or becomes seriously ill, it provides a lump sum to cover your business loans and other credit facilities.

Relevant Life Policies are a cost-effective alternative or ‘top-up’ to group death in service benefit.

Many companies offer their employees a ‘death in service’ benefit, paying the employee’s family a lump sum if they die while they’re employed. However, this kind of benefit doesn’t suit every company.

It’s not normally available to companies with fewer than five employees.

It’s arranged on a group basis which makes it harder to tailor benefits to suit your most valuable people.

It may not suit everybody either, high earners with large pension pots can find it takes them over their Lifetime Allowance.

There is however a tax-efficient and cost-effective alternative for both you and your employees. Save nearly 50% tax (compared to an ordinary life policy)

Benefits for you

Tax efficient – make nearly 50% tax savings – a tax deductible business expense and no National Insurance contributions. A tax efficient way of arranging life cover for your employees.

A great employee benefit for small businesses – life cover and a healthy living rewards programme.

More affordable cover.

Fitter, healthier, more engaged employees that take less time off and are more productive.

Available to companies of all sizes on an individual basis.

Help attract and retain the best people.

Can be used as a ‘top-up’ to death in service benefit.

Benefits for your employees

Cash lump sum payment for terminal illness as well as death.

Reward your employees with our healthy living rewards programme.

Access to a range of discounts and rewards to encourage your employees to look after their health.

Tax efficient – no National Insurance contributions.

On payout, the cash lump sum is not subject to Income Tax or Inheritance Tax.

It doesn’t count as a retirement benefit so won’t affect their Lifetime Allowance.

Benefits for you

A Relevant Life Policy is suitable in many situations, not just SMEs looking for life cover or an employee benefits package.

Company directors

Directors of limited companies can enjoy valuable tax benefits if the premiums for life insurance are paid by one company instead of from personal income after tax.

Flexible cover

A Relevant Life Policy can provide individually calculated cover levels so are suitable where companies only want to reward several employees or provide variable cover.

High earners

The benefits of Relevant Life Polices do not count towards the current Lifetime Allowance of £1.25 million, above which tax is currently charged at 55% tax (on death).