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Age discrimination and group risk benefits. This presentation is directed at business professionals. It should not be distributed to, or relied upon, by private customers. Protection Review Seminar July 2007 Kareena Hooker, TOWERS PERRIN HR Services Sue Sneddon, AEGON Scottish Equitable.

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age discrimination and group risk benefits

Age discrimination and group risk benefits

This presentation is directed at business professionals. It should not be distributed to, or relied upon, by private customers.

Protection Review Seminar July 2007

Kareena Hooker, TOWERS PERRIN HR Services

Sue Sneddon, AEGON Scottish Equitable

slide3
Why?
  • The ‘Age Regulations’
    • 1 October 2006
    • 1 December 2006
  • Unlawful for employers to discriminate on grounds of age
    • Direct v indirect
  • Can’t use age to force retirement before 65
  • Discrimination extends to all terms of employment including benefits offered as part of the contract of employment e.g.
    • Pensions
    • Death benefits
    • Occupational sick pay
    • Critical illness cover
key points
Key points
  • Employers use group risk insurance to insure some/all of their employee benefit promises
  • Age mix will influence risk and may increase insurance cost
  • Employers can’t use cost alone to objectively justify not providing benefits
  • Passing on costs to employees brings its own challenges
challenges and opportunities
Providers

Understand employer’s needs and issues

Balance underwriting needs with selection risk

Identify cost neutral options

Communicate what’s available

Minimise business disruption

Product innovation to address new employer needs

New players to fill market gaps

Challenges and opportunities
challenges and opportunities7
Providers

Understand employer’s needs and issues

Balance underwriting needs with selection risk

Identify cost neutral options

Communicate what’s available

Minimise business disruption

Product innovation to address new employer needs

New players to fill market gaps

Advisers

Demonstrate value to clients

Help clients review employee benefits packages and cover

Work with legal advisers to help minimise age discrimination exposure

Challenge providers to offer suitable cover

Helps open dialogue with prospective clients

Challenges and opportunities
overview
Overview
  • Ability not age should be key criteria in assessing suitability for work
  • Government needs to encourage employees to work longer
  • Encouraging good employment practices
important information
Important information
  • This information is based on our understanding of the legislation which is subject to change.
  • Scottish Equitable plc, Registered Office: Edinburgh Park, Edinburgh EH12 9SE. Registered in Scotland (No. 144517). Authorised and regulated by the Financial Services Authority. Member of the AEGON Group. www.aegonse.co.uk
  • Towers, Perrin, Forster & Crosby, Inc. registered in England and Wales under BR 001790

Incorporated with limited liability in Philadelphia in the Commonwealth of Pennsylvania, USA., under number 359481

Registered address: 71 High Holborn, London WC1V 6TP

Authorised and regulated by the Financial Services Authority.

www.towersperrin.com