General
On a fixed date each year (the annual revision date) we will calculate
the premiums for the coming year. The level of premiums will
then remain unaltered for the next 12 months.
Approximately 12 weeks prior to the revision date, we will
issue a revision invite confirming our requirements for accounting
purposes, and a deposit amount where appropriate. The
following is intended as a guide to the information we will typically
request. Please note that in certain circumstances we may also
ask for further evidence of health.
Upon receipt of the information we require, we will send you a
statement of account showing the balance of premium due. If
premiums are not paid by Direct Debit we will require a payment
on account.
Full information is detailed on our data
requirements sheet.
If you require a further copy of a revision invitation please contact us on 0845 223 8000.
Single Premium costed Schemes (typically schemes with
less than twenty lives)
Although the information we require will vary in each individual
circumstance, we will usually ask you for:
- A list of existing scheme members confirming any details
which have changed since last year, e.g. annual salary
- Full details of any new entrants who have joined during
the previous year, including exact start dates
- Notification of any members who have left the scheme
during the previous year, including exact leaving dates
- A completed Health Declaration for each member whose
benefits exceed the scheme free cover level or previously
underwritten benefit
- Individual information for any members:
- To whom Early Retirement Cover applies
- To whom Deferred Retirement applies
- Whose benefits are deemed to be restricted to the “permitted
maximum” (or any other maximum that may have been
agreed)
- Who are long term absentees.
Unit Rate costed Schemes (typically
schemes with twenty or more lives) As the
premium is usually expressed as a percentage of the Total Lump
Sum Assured (for Group Life Assurance and Group Critical Illness
schemes) or Total Salary Roll (for Group Income Protection schemes),
we do not need full details of individual members every year.
For accounting purposes we assume that any changes made to membership
or benefits are made mid-way through the scheme year. The revised
premium is then calculated on:
| The sum assured/salary roll
at the annual revision date |
+ |
An adjustment for any changes
that took place during the previous year |
The premium rate will be reviewed periodically (typically every
two years), and to enable the review to be carried out we usually
require full membership details.
The information we require will vary in each individual circumstance
but we will generally ask for a completed declaration including:
- The Total Sum Assured/Total Salary Roll & number of
members at the revision date
- The Total Sum Assured/Total Salary Roll & number of
members on the day previous to the revision date
- A completed Health Declaration for each member whose benefits
exceed the scheme free cover level or previously underwritten
benefit
- Individual information for any members:
- Whose benefits exceed the free cover limit
- To whom special terms apply
- To whom Early Retirement Cover applies
- To whom Deferred Retirement applies
- Whose benefits are deemed to be restricted to the 'permitted
maximum' (or any other maximum that may have been
agreed)
- Who are long term absentees
- The total benefit insured for dependant's death in service
pensions both at the revision date and the day before (if
applicable).
At a Rate Review date we will typically have additional requirements,
including:
- Complete and totalled electronic data including names,
dates of birth, genders, salaries and benefits, occupations
and locations.
Resources
Data requirements
Health Declaration
Health Declaration Update Form
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