Fidante Benefits Package

Who provides the Group Life Plan?

The Plan is currently insured with Zurich.

What is this Plan?

This arrangement ensures that in the event of your death, whilst employed by Fidante, a lump sum equivalent to four times your basic annual salary will be paid to your beneficiaries. The cover expires at your State Pension Age, or on the date you leave service, if earlier.

Is there any cost to me?

• Fidante meet the full cost of the Plan. • This is not currently treated as a benefit in kind for tax purposes.

Are the benefits paid tax free?

• In most instances, yes. The plan is implemented under ‘Excepted’ Group Life rules (as opposed to the more common ‘Registered’ basis). • It is important to note that in the event of death, benefits from an Excepted Group Life scheme face no Pension related excess tax charges. • With an Excepted scheme, ‘periodic’ and ‘exit’ tax charges may be payable in the event of a claim. If one of these applies, the tax rate will be no more than 6% of the claim value (and often less). • If periodic or exit tax charges apply, the amount will be deducted from the claim value – before the balance is payable to chosen beneficiaries. • Potential Periodic and Exit tax charges are beyond the scope of a general Guide such as this. However, if any member wants further technical information, please contact JMA who will be able to provide further details and examples of when these may arise.

Can my Spouse/Permanent Partner be covered too?

No, only employees can be members of this Plan.

Who receives benefits if I die?

• Anyone that you wish to nominate. It is important to note that beneficiaries can only be: i. Individuals ii. Charities iii. Trusts set up for individuals • You can nominate more than one individual (you can allocate percentages if you have more than one beneficiary). • It is essential that you complete a Nomination form, so it is clear who benefits in the event of a claim. • If your circumstances change in the future (marriage, divorce, birth of a child etc) and you wish to change your beneficiaries, all you need to do is complete a new Nomination form.

What happens if I leave the company?

Your benefits will stop with no continuation options.

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