Life Assurance - Provisions of the Scheme

Assurer: Canada Life Limited
When am I included?
You are included in the Scheme from your date of joining Atlantic Lifeguard Ltd and are aged at least 18 but less than 60yrs.
You will cease to be included in the Scheme on leaving the employment of Atlantic Lifeguard Ltd, or upon your Normal Retirement Date.
What benefit is provided?
A lump sum benefit, payable on your death and equal to 2 x Salary
Who receives the benefit? The benefit is payable under discretionary powers to a beneficiary or beneficiaries selected by the Trustee in accordance with the formal rules of the Scheme. The beneficiary will normally be your widow/widower or some other dependant or relative you may wish to nominate who you would like to receive the benefit and the Trustee will take your nomination into account when deciding who to pay.

Do I have to pay towards the benefit?
No. Your Employer pays the whole cost, which does not count as part of your income for tax purposes.
Definitions
Employer
means Atlantic Lifeguard Ltd
Entry Date
means your date of joining Atlantic Lifeguard Ltd
Normal Retirement Date
means your attainment of age 60yrs.
Scheme Salary
means Gross Salary, not expenses or contract earnings.
Trustee
means the trustee or trustees for the time being of the Scheme, appointed in accordance with the terms of the trust deed governing the Scheme.


The Scheme is administered in accordance with a formal Trust Deed and Rules and nothing in this leaflet will override the terms of that document. Should you (or your dependants, following your death) have any complaint in connection with the Scheme this will be resolved in accordance with procedures laid down under the Pensions Act 1995. Please contact us for further information in this event.

All benefits under the Scheme are subject to any limitation which may be necessary to comply with Inland Revenue requirements.

The Employer reserves the right to amend or discontinue the Scheme at any time. You will be notified of any amendment which affects you.