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The HR Director - Employer dangers of non-compliant group risk protection

As the State Pension Age increases, both now and into the future, employers are in danger of having group risk protection policies that are not legislatively compliant. Group Risk Development (GRiD) is urging employers to check this out. Comment from Katharine Moxham, Spokesperson – GRiD.

Following the removal of the default retirement age (DRA), group risk insurance benefits (group life assurance, group income protection and group critical illness) can legally cease at age 65 or State Pension Age (SPA) as this increases beyond age 65, whichever is later.

Although SPA has already increased to 66, 67 or 68 for many people (and could go beyond that into the future) GRiD members are still seeing policies where employers have kept a fixed cease age of 65 (or worse still, 60) rather than re-defining the cease date under the insurance as “65 or SPA, if later”. This exposes them to uninsured liability for benefits that arise after that fixed age for people who reach 65 or SPA beyond that.

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