Life cover

Protection for your family if you die in service.

If you die while you are in service and a participating member of FuturePlanner, the following benefits may be payable, up to age 75:

  • a lump sum equal to four times your annual rate of Basic Salary (subject to the Earnings Limit*) as at your date of death; and
  • the value of your Retirement Account at the date of death.

*The Earnings Limit is set by the Trustees and the Principal Employer from time to time and limits the pay that counts towards calculating your contributions. The current value is £204,600 per annum (2023/24 tax year).

The lump sum is paid at the discretion of the Trustees to your beneficiaries. These may include your spouse, civil partner, children, parents, other relatives or dependants, as well as any other people nominated by you.

The fact that the lump sum is paid at the discretion of the Trustees is helpful for two reasons. Firstly, it means that the payment can usually be made quickly and secondly, it means that the lump sum does not form part of your estate so there is no liability for inheritance tax.

Cover for the lump-sum death benefit will continue to age 75 if:

  • you defer retirement beyond age 65 with your employer's consent;
  • you are entitled to this cover under the Rules of Leonardo FuturePlanner; and
  • you are ‘actively at work’ as defined by the insurer.

The four times lump-sum benefit will cease when you leave employment, cease to be a participating member of FuturePlanner or at age 75 if earlier.