The Chartered Institute for Securities & Investment has established a group income protection scheme for all its permanent employees. The scheme provides a benefit of 72% of your basic annual salary less an amount of £3,884 pa (2021/22 tax year) representing the government’s Employment Support Allowance. The benefit is payable if you are unable to work due to illness or injury for more than 26 weeks and will be paid to you through payroll subject to tax in the usual way.
All permanent employees are included in the scheme immediately upon joining the Chartered Institute for Securities & Investment.
Benefit payments will increase annually by RPI, up to a maximum of 5% pa, and will continue for as long as you remain unable to work due to illness or injury up to state pension age. This benefit is subject to you remaining employed by the Chartered Institute of Securities & Investment. In addition, your group life assurance cover will remain in force whilst claiming group income protection scheme benefit.