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Quality group benefits for your employees can have positive knock on effects for your business. We can help you understand and implement a range of group benefits, including private medical insurance, income protection, death in service and key person cover, as well as auto enrolment, directors’ pension schemes and corporate finance, to name but a few.
The value of pensions and the income they produce can fall as well as rise.
Directors Pension Schemes
These are pension schemes set-up purely for the benefit of a company management and shareholders. There are many benefits to setting up a Directors pension scheme.
More on directors pensions
Group Pension Schemes
A group pensions scheme is simply a pension scheme that has been set-up for the benefit of a company’s employees. The employer contributes to the pension and the employee has the option to contribute also.
More on pension schemes
Shareholder Protection
Shareholder protection is a cover that ensures that a business has the funds to ‘buy back’ shares from the deceased directors estate. It ensures that the deceased or critically ill shareholder’s family receives funds and that the business
More on shareholder protection
Group Critical Illness
This is a Group cover set-up by an employer which cover’s it’s employees in the event of critical illness.
More on group critical illness
Group Death in Service Cover
This is a Group cover set-up by an employer which cover’s it’s employee’s families in the event of death.
More on death in service cover
Group Private Medical Insurance
This is a Group cover set-up by an employer which cover’s it’s employees and their families in the event of acute illnesses.
More on private medical insurance
Group Income Protection
This is a Group cover set-up by an employer which cover’s it’s employees in the event that they can’t do their own job.
More on income protection
Business Tax Planning
Tax planning which all business should be doing to optimise profits, income and legally reduce tax.
More on tax planning
Key Person Cover
Key person cover is an insurance which every growing business should have. If there is one or more key people in the business that you can’t afford to lose, you need to take out key person cover.
More on key person cover
Auto Enrolment
Automatic Enrolment is a government driven legislation. The idea is that by making it mandatory for businesses to have a compliant pension scheme this will in turn help ensure that employees and employers contribute to their pension.
More on auto enrolment
Relevant Life
A Relevant Life Plan is a life insurance policy that is paid for by the business to cover directors or employees. It offers specific advantages, most notably tax efficiency, and cost efficiency. While it is the family and not the business that receives the pay-out if the insured person dies, the policy may count as a business expense, so it’s tax deductible and does not count towards annual or lifetime pension allowances.
More on relevant life plan
BPR, EIS & VCT
Have you sold a business in the last 3 years? If yes, you may be able to retain IHT exemption on some or all of the proceeds by way of Business Property Relief (BPR). Are you paying too much Income tax? If yes, you may be able to reduce your tax liability by investing in VCTs or EIS schemes.
More on Enterprise Investment Schemes, Venture Capital Trusts & Business Property Relief
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Financial Planning for People & Businesses Across the Thames Valley
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Finance FAQs
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Finance Jargon
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Death in Service
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A group cover set-up by an employer which cover’s it’s employee’s families in the event of death.
What is death in service cover?
Death in service cover ensures that the nominated beneficiary will receive a lump sum which is based on an agreed multiple of the deceased employee’s salary. The cost of this to the employer depends on the multiple that is used.
Benefits of Death in Service Cover
In our experience, firms that have a spectrum of quality group benefits in place tend to have a higher percentage of long serving employees.
We have found that employees place considerable emphasis on group benefits, which in turn makes them care more about the firm they work for, which has further positive knock on effects for the employer.
Want further information?
Perhaps the most important advice I give to my clients is to plan carefully and do not leave things to chance. My job is to help you grow and protect your assets by providing the knowhow you need to make informed decisions about your future. My job is to help you grow and protect your assets by providing the knowhow you need to make informed decisions about your future. I then help you implement the strategy into a reality. I will work with you over the long term, helping you to build, brick by brick, a successful and robust financial situation.
Get in touch to discuss your DIS requirements.
Not sure what to ask? Call today on 01628 308138
Financial Planning for People & Businesses Across the Thames Valley
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Ask a question or make a no obligation enquiry by email
Finance FAQs
A list of clear answers to questions frequently asked by my clients
Finance Jargon
A simple guide to help clarify the confusing terms and financial jargon
Key Person Cover
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Insurance which every growing business should have. If there is one or more key people in the business that you can’t afford to lose, you need to take out key person cover.
What is key person cover?
Key person cover is a short term insurance policy that is taken out by a business on the life of a key employee. It is also possible for the policy to pay out in the event of the key person being diagnosed with a specified critical illness such as cancer or heart attack; should the key person die or suffer from a critical illness the policy would pay out a lump sum to the business.
If you are a top producer or someone who holds a lot of the goodwill in a business you should consider taking out key person cover.
Proceeds coming from a key person cover payout are typically tax free and can be used to replace lost trading profits, find a suitable replacement and train them up.
You might also want to read about Shareholder Protection, a type of protection closely related to Key Person Cover.
Want further information?
Perhaps the most important advice I give to my clients is to plan carefully and do not leave things to chance. My job is to help you grow and protect your assets by providing the knowhow you need to make informed decisions about your future. My job is to help you grow and protect your assets by providing the knowhow you need to make informed decisions about your future. I then help you implement the strategy into a reality. I will work with you over the long term, helping you to build, brick by brick, a successful and robust financial situation.
Get in touch to discuss your company protection requirements.
Not sure what to ask? Call today on 01628 308138
Financial Planning for People & Businesses Across the Thames Valley
Contact Us
Ask a question or make a no obligation enquiry by email
Finance FAQs
A list of clear answers to questions frequently asked by my clients
Finance Jargon
A simple guide to help clarify the confusing terms and financial jargon
Group PMI
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A group cover set-up by an employer which cover’s it’s employees and their families in the event of acute illnesses.
What is Private Medical Insurance?
PMI is becoming increasingly important as the NHS is subject to more strain and funding difficulties. Essentially, if you have an acute illness that requires treatment quickly, your PMI policy should cover it. You will be able to arrange an appointment with a top local consultant who will then prescribe the correct treatment in a top hospital quickly. Most good group policies cover family too.
If you or a family member want to be seen quickly by a top doctor, in a good local hospital, quickly or if you have concerns about the current state of the NHS for that matter, then you should consider taking out a good Private Medical Insurance Policy.
If you are an employer, the benefits of these policies are highlighted below.
Benefits of Private Medical Insurance
Group Private Medical Insurance (PMI) is an important tool for reducing employee absenteeism and improving retention. If your employees fall ill or are injured, they will be able to access private medical treatment, quickly, at a convenient time and place, i.e. preferably out of work hours. Again, this enables your employees to return to work sooner, hence minimizing the cost to your business.
In our experience, firms that have a spectrum of quality group benefits in place tend to have a higher percentage of long serving employees.
We have found that employees place considerable emphasis on group benefits, which in turn makes them care more about the firm they work for, which has further positive knock on effects for the employer.
A chartered financial adviser can provide expert help with structuring solutions taking into account your personal and businesses financial circumstances and objectives and long term goals.
Should you require further information, advice or guidance, please do not hesitate to contact Alex or one of the team at Old Bray Financial.
Not sure what to ask? Call today on 01628 308138
Financial Planning for People & Businesses Across the Thames Valley
Contact Us
Ask a question or make a no obligation enquiry by email
Finance FAQs
A list of clear answers to questions frequently asked by my clients
Finance Jargon
A simple guide to help clarify the confusing terms and financial jargon
Relevant Life Plans
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- About You Getting Off to a Good Start
- Increasing Responsibilities
- Growing Your Wealth
- Planning a Safe & Secure Retirement
- Enjoying Your Retirement
- Savings and Investments
- Mortgages
- Insurance
- Business Planning
- Pensions and Retirement Planning
- Estate Planning
What is a Relevant Life Plan?
Relevant Life is a type of life cover that an employer can provide for its staff, including directors. The business pays regular premiums based on the level of cover. If the person covered dies whilst in employment during the term, the plan pays a fixed, one-off lump sum to the policy’s beneficiaries. While it is the policy’s beneficiaries and not the business that receives the pay-out if the insured person dies, the premiums can be treated as an allowable business expense – with corporation tax relief, no additional income tax or NI to pay, it is cost and tax efficient for the business and the employee.
Who can take out a Relevant Life Plan?
To be eligible for a Relevant Life Plan (RLP), the person covered must be an employee of a UK business, which can include company directors who are salaried. Unfortunately, RLPs are not available for sole traders, equity partners of a partnership or equity members of a Limited Liability Partnership.
- Company takes out Relevant Life Plan
- Employee’s life is insured
- The RLP is put in trust to a person of the employee’s choice
- If the employee dies during the term, a claim is made by the trustee/s
- The plan pays out to the trustee/s (inheritance tax planning)
Key benefits over other group death-in-service schemes
- Tax efficiency – an allowable business expense that can be offset against corporation tax bills
- Separate from pension contributions – premiums and benefits don’t count towards the annual or lifetime pension allowances
- Individual cover – if a director or employee leaves a small business, they can keep the policy going by taking on the premiums, without the need for a new application, medical or underwriting
- More extensive cover – depending on your age, you can insure up to 25x your earnings
The value of pensions and investments and the income they produce can fall as well as rise. Tax treatment varies according to individual circumstances and is subject to change. Estate planning, wills and LPAs are not regulated by the FCA.