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Unum enhances GIP schemes

Unum has enhanced its group income protection plan by reducing costs and increasing the free cover level.

The changes will include immediate reductions in the pricing structure on all Unum’s GIP schemes, and a 10 per cent increase in the free cover level of the total insured incomes or £3,000 per member to a maximum of £120,000 per year.

Adverse medical conditions will now be ignored up to the free cover level for both new and existing members, and Unum will take on any benefits underwritten by a previous insurer on a ‘no worse terms’ basis when switching terms.

Unum customer solutions director Glenn Thompson says: “We are continuously striving to enhance our product offering and appreciate that these are challenging times for many business. These changes will ensure that Unum continues to lead the market by helping employers who are looking to manage their cost base whilst retaining their benefits.”


The levy breaks

The Pension Protection Fund faces an uncertain future as the economic downturn stretches its resources. It currently pays 90 per cent of scheme benefits to deferred members and employees and 100 per cent to existing pensioners, with a limit of £28,000 a year. It is funded by mandatory levies made on the employers of all UK salary-related schemes.

Super Saver proves positive

Having been in New Zealand now for nearly a week, I am finding much the same message in this nation to that emerging from Australia. Watching events on the other side of the world, it seems that nervous markets persist but buyers are still to be found as the FTSE 100 index approaches 4,000 or the Dow Jones Industrial Average heads towards 8,000. At least, that is how it was feeling at the middle of last week. I hope things do not alter too fast.

Workplace pensions go a bit furry…

It’s not often that the opportunity presents itself for something light-hearted – but the DWP’s new pension awareness campaign is one such moment. For last week the Department for Work and Pensions (DWP) unleashed a large blue furry monster into the world of Workplace Savings. Workie will be seeking to raise awareness of workplace pensions, […]


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