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 has decided not to offer this cover as part of the Northern Ireland Civil Service Additional Voluntary Contribution Scheme (NICSAVCS) in the future.

You can continue to contribute and you will continue to receive tax relief on those contributions.  However you will not be able to increase the level of cover or extend the term of the contract beyond the current term (Age 60). This means that your additional death in service benefits will not increase as your salary increases.

If you are over 60 and are contributing to an additional death in service policy the term of the contract is revised at the anniversary date, which for over 60’s, is 6 April. This means the Equitable Life additional cover will stop immediately.  Equitable Life should tell you that the contract has stopped. If deductions are still being made from your pay you should contact us.

Your application will not be valid.  Any contributions you have made so far will be repaid by Equitable Life, less any tax due.  

This is no longer available under the NICSAVC scheme. Equitable Life has stopped accepting any new contracts for additional life cover since 29 March 2007.