Time Left to make your Fenner Benefit choice

Protecting Your Family

Income Protection

Members of the Pension Plan enjoy income protection benefits, which provide them with a proportion of pensionable salary if they are unable to work in the medium to long term. The base level of cover is 50% of a member’s pensionable salary and will be payable for a term of up to 5 years provided that members meet and agree to the terms and conditions of both the Company and the insurers at the time any claim is made. If the claim is accepted, the income protection will commence after you have been off work for a period of 52 weeks.

As a member of the Pension Plan, you also have the flexibility to pay to increase the proportion of salary that would be protected to either 66.7% or 75% of pensionable salary. In doing so you will be able to take advantage of a Group rate, which is likely to be considerably cheaper than could be obtained by individuals on the open market.

Full details of current costs can be obtained from your local HR/Pensions contact.

Group Life Assurance

The Company has established a Group Life Assurance Scheme, this is sometimes referred to as Death In Service benefit, designed to help protect your family should you die while employed by Fenner. This is paid for by the Company.

Under this policy, all UK employees, who are not a member of a Fenner Pension arrangement, will be covered for 2 times their pensionable salary in the event of death while employed by the Company.

If you chose to join the Pension Plan, your cover will increase to 4 times your pensionable salary. Members of the Pension Plan will also have the flexibility to purchase up to a further 2 times pensionable salary, at a Group rate which is likely to be considerably cheaper than could be obtained by individuals on the open market.  

Full details of current costs can be obtained from your local HR/Pensions contact.

Important points to consider

Completing your expression of wish form

You should ensure that you have completed an 'Expression of Wish' form(s) detailing how you would like your life assurance benefit distributed in the event of your death.

Expression of Wish Form (Fenner)

Expression of Wish Form (Standard Life)

Notes

Tax and National Insurance information

If the combined total of your lump sum payment under the Group Life Insurance Scheme and your total pensions savings exceeds the Lifetime Allowance, currently £1 million for the tax year 2017/18, your estate may be taxed on any amount over the Lifetime Allowance (maybe subject to change).