View more on these topics

NU launches group life scheme for unapproved top up benefits

Norwich Union has announced it is launching a group life insurance scheme for unapproved top up benefits.

The group life insurance scheme is aimed at employers who wish to provide life insurance benefits for their workforce, with the top up benefits scheme designed to make employers able to provide their workforce with lump sum cover for benefits in excess of Inland Revenue&#39s limits. It provides life cover for employees who have salaries in excess of the earnings gap, or members who need lump sum death benefits based on a salary multiple greater than four times salary.

NU group risk business development manager Paul Stevens says: “We are aware that pensions simplification proposals may remove many of the tax advantages for FURBS and limit the need for unapproved schemes after April 2005, but we recognise the immediate needs of our customers and have decided to launch this product. The addition of this product will enable Norwich Union to compete in a section of the group life market that includes larger employers.”

Recommended

Long-term loan closes income-price gap

GMAC-RFC is offering a new mortgage which it says addresses two of the market&#39s main issues – long-term fixed rates and the gap between incomes and property prices. It believes it has worked out how to make long-term fixes more attractive and how to bridge the gap between incomes and house prices without using self-certification. […]

Providers say chance for change has been missed

Product providers have given a lukewarm welcome to the Pensions Bill, published last week, saying it offers some level of simplification of the occupational pension environment but lacks detail and does nothing to increase saving. They welcome the security that the new pension protection fund will give to final-salary scheme members and improvements to communication […]

Profit for In Partnership as it survives takeover bid by founder

Sussex-based network In Partnership says it has moved into profit three years after launch and last year saw off a takeover bid by founding director Shin Yamada. The network, which started trading in 2000, has grown rapidly and has more than 400 individual IFA members. A spokesman for the network says Yamada failed in an […]

Digest

Garden sheds are making a comeback. An insider tells the Diary that sheds could be the new loft conversions for the up and coming. Even Syndaxi Financial Planning director Robert Reid operates his business from a garden shed, apparently. A common or garden shed could also be former Tory leader Iain Duncan Smith&#39s road back […]

Keep calm and carry on?

We British are known for our stiff upper lip and just getting on with things. It’s part of our quirky cultural behaviour – like forming orderly queues, or saying sorry when it’s not our fault. Many of us just aren’t that great at talking about what’s bothering us. But if someone feels that the stresses […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment