'Non-compliant' group protection schemes ignoring state pension age increases

  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 in some cases age 60. GRiD has said that employers should redefine the cease date under the insurance as "65 or...