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A death in service scheme typically pays out a lump sum to an employee's family, should they die whilst on your business's payroll. Such schemes are offered as standard in the public sector, and are becoming more prevalent in the private sector.
We regularly advise employers on the provision of death in service packages, and will be happy to arrange for a no obligation chat to discuss how your business and your employees can benefit from a fantastic employee benefits package.
Speak to one of our financial advisers today on 01928 237 521, or complete our online enquiry form and we will be in touch.
What is a Death in Service Scheme?
In most cases, a death in service scheme pays out a tax free, lump sum to an employee's family when they die. The cause of death does not need to be work related, but they must be on the payroll.
The size of the final payout varies and will typically be specified by the employer, with businesses offering anything from twice to four times an employee's annual salary.
DIS schemes are often arranged in conjunction with a company pension scheme, but can be arranged as a standalone employee benefit. The payout itself will be covered by an insurance company, with most requiring a minimum of fifteen employees before signing off on a new scheme.
How can a DIS Scheme Benefit Business?
A DIS scheme can be an integral part of an employee benefits package, helping your business attract and retain high quality staff. Employee benefits schemes may look expensive in the short term, however they can be a key element in an effective staff retention strategy.
Get in Touch
We believe face to face meetings and personalised financial advice produce the best results. Speak to one of our financial advisors today about implementing a death in service scheme at your business.
Call 01928 237 521, or complete our online enquiry form and we will be in touch.