Paul Avis: Group risk - life assurance

Group life assurance has three specific components -  registered lump sum policies; excepted lump sum policies; and death in service pension policies. Registered group life schemes provide benefits within the lifetime allowance, whereas excepted schemes are outside this limitation. For anyone with any kind of fixed or enhanced protection, or affected by the reduction in the lifetime allowance from £1.25m to £1m in April 2016, they make good sense on the face of it. That is where the true challenge starts, however - implementing an excepted scheme needs specific tax and legal advice, e...