A Relevant Life Plan allows employers to give death-in-service benefits to their employees outside of a registered group life scheme.
This type of plan could help high-earning employees who have substantial pension funds and don't want their death-in-service benefits to form part of their lifetime allowance.
And it's also useful for small businesses that don't have enough eligible employees to justify a group life scheme.
Our Relevant Life Plan is available as a stand-alone, single life plan. Premiums can be treated as an allowable expense for the employer in calculating their tax liability, as long as they qualify under the 'wholly and exclusively' rules.
And the cover is portable so employees can take it to a new employer without having to answer any new underwriting or medical questions.
A Relevant Life Plan must only pay out as a lump sum to an individual or charity on the death of the person covered.
The payout can't be re-invested in a client's business. It's also important that the plan doesn't provide any other benefit and that it's not used for the purpose of tax avoidance.
See all the features of our Relevant Life Plan