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The rise of the excepted group life policy.
KEY POINTS
- Excepted group life policies are not affected by the lifetime allowance.
- A discretionary trust must be established but the scheme does not have to be registered with HMRC.
- Effect of ten-yearly and exit charges.
- The inheritance tax situation should be monitored.
The lump sum death in service benefit has long been a staple of the remuneration package offered to employees but changes to pension rules over recent years have caused a shift in how employers provide it.
Typically the benefit involves a multiple of the employee’s salary or other fixed sum being paid to family members or nominated beneficiaries on the employee’s untimely death. For employees the scheme provides reassurance...
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