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Relevant Life Plans

This Blog is courtesy of Kevin Hamblin, St James Place Partnership (SJPP)

Relevant life plans are particularly suitable for businesses that do not have enough eligible employees to warrant a group life scheme and for high earning employees and directors who have substantial pension funds and do not want their death-in-service benefits to form part of their Lifetime Allowance. They can also be used by existing members of group life schemes who want to top-up their benefits but are limited to the amount that can be provided by their current scheme.

The tax benefits are:

* Payments are made by the company with no benefit-in-kind charge back to you
* No National Insurance implications
* Possible tax relief as a business expense depending on your individual circumstances
* Tax-free benefits to your dependants
* Plan proceeds do not count towards Lifetime Allowance.

Group life is life cover for employees so if you leave that company you lose the cover.

This is a great employee benefit, that too few people are aware of.

If you would like more information on Relevant Life Plans, then drop a line to info@langdonhamblin.co.uk and I’ll pass them onto Kevin to be in touch.
(PS – He’s my brother)

Published by on May 22, 2013. Comments Off on Relevant Life Plans

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