Product category:
Protection
News Release from: BUPA | Subject: Protection
Edited by the Insidemoneytalk Editorial
Team on 05 November 2007
Reduce the financial burden of ill
health retirement
With ill health retirement pensions costing UK businesses millions of pounds annually, it's comforting to know that there are ways to reduce the financial impact, says BUPA Wellness.
BUPA Wellness' Independent Medical Advisory Service (IMAS) - which celebrates its tenth anniversary this year - provides independent assessments of applications for ill health retirement This process is designed to award pensions to deserving cases whilst protecting pension funds from claims by employees who are medically fit for work
This article was originally published on Insidemoneytalk on 28 Mar 2007 at 8.00am (UK)
Related stories
BUPA group risk launches speedy online quote system
BUPA Group Risk today launched a new online system that enables intermediaries to generate a quote and purchase cover within 30 minutes - nearly 500 times faster than the industry standard of 10 days.
Students really mean business
Budding entrepreneurs are being helped by volunteers from BUPA Health Insurance to become business hotshots.
The service also includes the assessment of applications to join a pension scheme; ill health reviews and medical appeal hearings.
In one particular scheme in which IMAS has been involved since 1998, cases are referred to BUPA's qualified occupational health (OH) physicians for consideration of eligibility for extra payments.
The OH professional gains an in-depth view of the condition and the person's capability and then reports against the rules of the pension scheme.
Under the previous scheme, before IMAS became involved, the vast majority of cases were deemed eligible for extra payment.
In the first four years of its involvement, 273 cases were reviewed and only 27.5 per cent were found to be eligible.
This resulted in an estimated saving to the pension scheme of £1.63 million.
rpmi has been a BUPA Wellness client for over 10 years.
Michael Goy, managing director of rpmi, said: BUPA Wellness has really helped to improve our scheme.
The whole process is now much clearer for both the applicant and doctor.
Our medical reports are now standardised, which has led to fewer deferrals.
Furthermore, the team has helped us achieve faster turnaround times when dealing with both incapacity applications and follow-up referrals.
Catherine Rowley, IMAS manager, BUPA Wellness, said: An ill health retirement pension is a costly liability for any company.
Many people are retiring on health grounds in their 50s and many will draw their ill health pensions for a further 20 to 30 years.
Companies often leave the decision of whether an employee should retire on the grounds of ill health to their company doctor, who may not be an occupational health physician.
This can create inconsistency in the rates of retirement for medical reasons.
We can provide expert, evidence based advice to our clients that will assist the Trustees in managing the ill health retirement aspect of the pension fund.
• BUPA: contact details and other news
• Email this article to a colleague
• Insidemoneytalk Home Page
