Unum income benefit vs lump sum for IHR

JsAccessorise · Post by **JsAccessorise** » 24 Sep 2018, 19:28

Hi all,
Going through the process of ihr with pension at the moment. As well as the pension I have been given two options for the ihr, a lump sum or 3 year income benefit (50% of pensionable pay) with possible lump some at the end run by Unum insurance company.
Does anybody have any information on this new insurance policy that the business offers as can’t find anyone who can give me info so I can make an informed decision!!!!
Thanks.

Patpostie · Post by **Patpostie** » 30 Sep 2018, 22:09

Did you find out about this it seems a relatively new thing? Would be good information for anyone in this situation so they could also make a decision. I would of thought the lump sum would be your LTA which surely would be more then the 3 year option unless they offer a very large sum of cash after the 3 years. Be interested to know what you found out or decided.

Riggwelter1689 · Post by **Riggwelter1689** » 31 Dec 2019, 23:20

I've jyst been offered the same a lump sum plus PILON or a 3 Yr plan of 50% of my pensionable pay plus a lump some of 26k or 15k or nothing, what I can't work out is OH assist Doctor recommended IHR with immediate pension support due to the fact that he doesn't see me being fit to work before my SRA at 67 9 yrs time but Unum want to medically assess me every year for the next 3 years as a Health Insurance Company surly they will try and avoid paying out at all. Does Royal Mail have the contract with Unum or is it RMPP?
Still can't get answers
These are big decisions to make without knowing the full facts
Regards Tiny

Riggwelter1689 · Post by **Riggwelter1689** » 31 Dec 2019, 23:21

Unum vs lump sum

heapsy · Post by **heapsy** » 01 Jan 2020, 08:10

Just a thought. If your union rep can't help, do you know your area rep or divisional rep? I know all 3 of mine and could actually ring any of them. What about the CWU? Ring 0300 333 0303 for legal advice. The latter ones may be more help, very important to get this right. Worth a try. Good luck to you guys and let us know more when you have the facts, it may help others. Absolutely hate the idea of someone leaving RM and living in poverty. Just one last thought, try and get advice regarding your options and find out how it might affect your benefit entitlements. Many years ago, my aunt made a serious mistake when her husband died of mesothelioma. Lung cancer caused by exposure to asbestos. He was a weaver in a mill where they manufactured break pads etc. Cost her dearly, missing out because she was pennies over a given level of income. Once again, good luck and keep us informed.

Jimi · Post by **Jimi** » 13 Jun 2023, 12:20

Hope This Helps

The UNUM pays out 50% of pensionable pay for up to three years, less any ESA you are receiving from the government.

See attachment

[attachment=0]LTBIH one pager summaries V6.pptx[/attachment]

Smudge19741974 · Post by **Smudge19741974** » 12 Jan 2024, 22:26

I am going through the same currently yet can find out zero . I have my GP and Consultant saying i cant work again after 33 years service age 49 , what the hell will i get ?
All my pension i have buit up to date (not reduced) plus this new insurance policy thing for 3 years ?
I just dont know if its both or just one as cant work again

NWpostie · Post by **NWpostie** » 13 Jan 2024, 11:09

I'm not a financial advisor.

My first thought when I saw "insurance company"

My first question is, what's in it for them ? Are they making money out of it ? What benefit or disbenefit does it give in preference to the RM IHR scheme.

I would triple check this before committing myself,

ROYALMAILCHAT