Future of group IP hazy following pension age rise

The comments come after an employee benefits survey by Origen revealed income protection (IP) as a benefit has been consistently decreasing for both large corporate companies and small medium enterprises (SMEs) since 2001. Glenn Laming, sales and marketing director in the group risk division at Legal & General, says the government’s proposals to increase the state retirement age from 2024 could lead to employers considering whether to simply extend group IP schemes to age 68 or whether to review their whole employee benefits package. He suggests employers may be reluctant to guarantee...