Salary Protection Scheme for NFVB Employees
Could you and your family survive without your salary if you fell ill and were unable to work? If your answer is no, then you need Salary Protection insurance.
The NFVB Salary Protection Scheme protects your salary against the impact of illness or disability, providing you with a replacement income (see below) should you fall ill and become unable to work.
Exclusively available to NFVB employees, the security and benefits of this Salary Protection Scheme are not available anywhere else.
- A replacement income if you fall ill and are unable to work of up to:
66.66% of salary for NFVB employees who are in the NFVB Pension Scheme** (plus Pension Protection Benefit of 12% of salary) OR
75% of salary for NFVB employees who are not in the NFVB Pension Scheme*
- Tax relief on the contributions that you pay (find out more)
- A claims service you can trust (find out more)
Why is Salary Protection so important?
*Less any other income to which you may be entitled e.g. half pay, Ill Health Early Retirement Pension, Temporary Rehabilitation Remuneration, State Illness Benefit. You must exhaust your employer’s sick leave entitlements and the Scheme deferred period as denoted in the Scheme Summary Booklet.
How much does it cost?
The NFVB Salary Protection Scheme is designed to be affordable for every member. It is remarkably good value because it’s negotiated on a special ‘group basis’ exclusively for NFVB employees and harnesses the purchasing power of the collective.
The contribution rate is currently set at 2.55% of gross salary.
You are eligible for tax relief at your highest rate of tax on the contributions that you pay.
This means that the net contribution rate is only 1.53% after tax relief is applied, if you are paying tax at the higher rate.
The Real Question is…
Can you afford not to have this Salary Protection insurance in place for you and your family? Membership of the Scheme is a small price to pay for the security and peace of mind that this cover provides.
What do I need to know?
Salary Protection is a simple, tax-efficient way to protect your family and livelihood in the event of illness or injury.
Full information about the NFVB Salary Protection Scheme can be accessed via the link below:
The 2018 review of the Scheme has taken place. All changes to the Scheme will take effect from 1st November 2018 and the revised terms are intended to apply until 1st November 2021. Please use the link below to access the review document.
For more information, please call us on (01) 470 8078.
How to make a claim
Please click here for a Step-by-Step Guide to making a claim from the Scheme.
Cornmarket is not automatically notified of your absence from work through illness. Ideally, we should be informed about approximately 8-9 weeks in advance of your salary reducing to half pay or ceasing altogether. As soon as you become aware that, due to illness or injury, your salary is likely to reduce to half pay or cease altogether, please let us know by:
- Phone (01) 408 4018
- Online Click here
- Post SPS Claims Department
Cornmarket Group Financial Services Ltd.
A Claims Service you can Trust
Cornmarket’s in-house, dedicated Salary Protection Claims Team are here if you ever need to make a claim. You can rest assured that it will be dealt with in the efficient, professional and sensitive manner that you deserve.
We’re here to help you.
Important: You must remain an emloyee of the NFVB to remain an eligible member of the NFVB Salary Protection Scheme. If you leave the employment with NFVB, you must inform Cornmarket in writing as you can no longer stay in the Scheme and you will not be able to claim from it.
Friends First Life Assurance Company dac. is regulated by the Central Bank of Ireland.