Relevant Life Policies
What are Relevant Life Policies?
The aim of the policy is to provide a lump sum benefit on the death of a single employee. This removes the need for the company to set up a registered group life scheme.
The policy is designed to meet the requirements of a single life relevant life policy under S393B (4) (b) of the Income Tax (Earnings and Pensions) Act 2003.
Relevant life policies are primarily aimed at 2 groups:
- High-earning employees who have substantial pension funds and don’t want their death-in-service benefits to form part of their lifetime allowance
- Small businesses that don’t have enough eligible employees to warrant a group life scheme
Relevant life policies can also be used by directors of the company.
Find out more in our Relevant Life Policies Guide
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