Advisers are being urged to keep their clients informed of the potential impact of the Welfare Reform Bill, set to be introduced later this month.
Canada Life says IFAs should give employers plenty of time to review their benefits packages for Group Income Protection and explain how the Bill could affect them. The Welfare Reform Bill is set to replace the existing Incapacity Benefit (IB) with Employment Support Allowance (ESA), and is based on a claimant’s ability to carry out work-related activities. Canada Life says this will leave those with severe disabilities eligible for higher benefits, as they cannot undertake any form of work. Howard Rayner, group legislation manager at Canada Life Group Insurance, says: “It is importan...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
