If you own or manage your own company, you might want your benefits to be administered separately. Or perhaps you have an employee or director who's unwilling to join your registered group life scheme because their total benefits could exceed the lifetime allowance or they've registered for enhanced protection.
Whatever the problem, single life high earner's cover could be the answer. It's a single life policy providing an individual director, owner or employee with tax-efficient lump sum life cover that doesn't count towards the lifetime allowance. And because we link it to your main group life scheme (registered or excepted), the member can enjoy many of the benefits of a group scheme, including access to free cover and improved rates.
We can only cover one individual in a company under this policy. But you may be able to take out multiple policies, or, if benefits for all members are set up on the same basis, our excepted group life cover could be the answer.
*The lifetime allowance is one of the new tax controls introduced on A-day (6 April 2006) which apply to all registered pension schemes. It controls the total amount of benefits an individual can receive from all registered schemes throughout their lifetime. This includes retirement benefits and lump sum death benefits but not dependants’ pensions. For 2008/09 it’s set at £1.65 million. Benefits paid which take the total benefit above the lifetime allowance will be taxed at 55%. For more information, speak to your financial adviser.
