View more on these topics

Case study: administration — managing group life schemes

Our client leads the global market in high-tech electronics manufacturing and digital media. The trustees of the company’s final salary pension scheme insure death-in-service lump sum and dependants’ pension death benefits for active employees, as well as dependants’ pension benefits for deferred members (those who have left service).

The company is split into numerous distinct divisions, and there are great issues within the company with regard to sharing knowledge of salaries within other divisions. Some divisions are also notoriously slow at processing payments, and there was a major concern that should certain divisions not pay premiums when due, this could jeopardise cover for other divisions.

To address the issues, Johnson Fleming negotiated a complex solution with the insurer. The scheme was to be split into distinct, separate arrangements for each component division. To allow each division to benefit from economies of scale, the rates and terms were based on costing the entire scheme (including all divisions).

The results

  • Johnson Fleming made the commitment of initially running 34 Group Life Assurance schemes for the client.
  • This was the only solution which ensured that the client’s requirements for strict data confidentiality and premium control, by division, were fully met and reflects Johnson Fleming’s commitment to ensuring that service for each client is tailored to individual needs.

Recommended

lettershouse

Letters: There’s a place for BTL lending to first-timers

Star letter I read with interest Nigel Stockton’s article on buy-to-let gaming. While he is correct in saying there is a risk of products being abused in this way, he goes too far in suggesting NatWest and Virgin Money should withdraw buy-to-let lending to first-time buyers.    There are many clients for whom buying a […]

Andy-Gray-700.jpg

Analysis: The good and bad in remortgage data

Two headlines on MortgageStrategy.co.uk illustrate how fast the market can change, how data does not always fully reflect opportunity or potential and how bad news for some can be good news for others. The two stories, ‘Remortgages continue to decline after 12 per cent slump in June’ and ‘MPC edges closer to base-rate rise’, were […]

Mole

The Mortgage Mole: Fobbed off

Fobbed off This week, our beloved Mortgage Mole took pity on young reporter Devraj Ray, who was feeling distinctly peeved as he chased up a story for both Mortgage Strategy and sister title Money Marketing.  Weeks earlier, Ray had been hot on the heels of what would have been the biggest story of his fledgling […]

Why prevention is better than cure

Quoting the famous adage, prevention is better than cure; there are many proactive benefits that can improve wellness in the workplace, decrease stress, increase staff morale and reduce absenteeism, as well as attracting and retaining employees of a higher standard. With a recent study showing that employees in Britain are working below peak productivity, preventative benefits can ensure you address potential health issues or causes of stress at their source and ensure productivity in the workplace remains at an optimum level. With this in mind, how are you using preventative benefits to help keep your workforce happy and healthy?

Newsletter

News and expert analysis straight to your inbox

Sign up