Equitable life
The Cabinet Office continues to monitor developments with the help of the scheme’s financial advisors, Hewitt Financial Services Limited, and update members of developments on a regular basis. Further information about Equitable Life is available from your scheme administrator and information and from this site.
4 July 2007: Withdrawal of Equitable Life additional death in service cover
The Equitable Life additional death in service cover allows you to increase the lump sum payable on your death to a maximum of 4 times your salary. Contributions are subject to full tax relief at the highest rate you pay.
Following the 2007 budget the Chancellor announced the Government’s intention to remove tax relief for Pension Term Assurance (additional life cover) on any new policies taken out on or after 29 March 2007. Equitable Life have decided not to offer this cover as part of the CSAVC scheme in the future.
What does this mean to me?
If you are considering making contributions for additional life cover:
This is no longer available under the CSAVC scheme. Equitable Life have stopped accepting any new contracts for additional life cover since 29 March 2007.
