Pensions, critical illness and income protection

Pension Scheme

Beatbullying Pension Scheme is a defined and contributory benefit scheme for all members of staff. The pension arrangements are an important part of our employees’ overall benefits package. We see them as a strong contributor to our ability to attract and retain good people. The benefit of this cannot be over-emphasized; as the future benefit of saving now for the raining day has always helped at the time when needed.

Group Critical Illness

As an extra and additional protection for all employees of the charity, Beatbullying took a step further to insure all employees under the group critical illness cover providing premiums for this cover. This is a policy taken out by the employer to provide lump sum benefit to be paid to an employee who is diagnosed with one of a number of defined medical conditions or undergoes one of the listed surgical procedures.

The policy benefit is paid once the employee survives for at least 14 days after the critical illness event or six months in the case of Permanent Total Disability (PTD) event. The scheme automatically covers employee’s children under age six months to 18 years including step-children and those who are legally adopted.

Group Income Protection

This is another step further in the right direction giving employees more peace of mind. Income protection is designed:

To provide insurance cover for the income protection benefits an employer promises to provide to their employees who are unable to work through long-term illness or injury.
To allow an employer to decide when they take out the policy, how soon this benefit is to be paid and for how long. This will take into account how long an employer expects to continue to pay income to employees who become ill or injured in addition to the mandatory period for Statutory Sick Pay.
To provide optional cover for associated expenses such as employer's National Insurance and pension contributions. Where Capital Option has been selected, these associated expenses are excluded from the calculation of the lump sum benefit.
To help replace lost income if an employee had to take a part-time or lower paid job because of illness or injury.

These policies have been classed as appropriate to “commercial” customers within the context of the Financial Services Authority’s Insurance Conduct of Business rules. Whereby the insurer cannot meet its liabilities, the policy holder may be entitled to compensation under the UK Financial Services and Markets Act 2000.