BUSINESSES
When one of my colleagues suddenly died, their family turned to the company for support. Their loved one had sorted all the household finances, but the family had no idea about what happened next in terms of salary, death in service, pensions, etc.
It was even more difficult because the staff member had not nominated anyone to receive their death in service payment and didn’t have a will. The HR team had to explain to the family that they would need to liaise with the pension authority about the death in service payment, and they would probably need to go through probate before it could be released. This resulted in a devastated family also facing financial difficulties, not knowing how they would pay for the funeral or pay the bills after the salary ceased. In this example, colleagues and friends stepped in to fundraise, which gave the family much-needed support while sorting out the formalities with Courts and Tribunals service, which took some months.
Whether an employee dies in service or loses a close relative for whom they have executor responsibilities, it will impact their workplace. Leighan’s List is raising awareness of the importance of estate planning. As part of their well-being offer, employers can emphasise the need for a will, a list, and the importance of keeping them up to date. They can also highlight the available benefits. This might include life insurance, death in service, wills at work, and pension arrangements for surviving relatives.
It can also be used to explain pension arrangements clearly and ensure employees have factual information rather than relying on what they “think they know” or Google. In the example above, the employee was not married or in a civil partnership, so their partner of 17 years was not entitled to a surviving partner’s pension, even though they shared children and had lived together for over 15 years.
Leighan’s List is a project aimed at changing behaviours and is free of charge. The resources can be accessed from the website and used by individuals or companies. If needed, the creators will provide free advice about implementation.
LAUNCHING LEIGHAN'S LIST
Before launching Leighan's list to support your employees, there are a few things to consider to help ensure you and your teammates get the most out of using it. For example, you may want to explain the benefits of the list and see how it fits in with your other wellbeing initiatives. Click on the button below to access our helpful checklist.