Case study: Tullett Prebon

Wholesale financial markets intermediary Tullett Prebon has re-broked its income protection scheme annually since 2004. It began using Jelf Group for the exercise last year.

Debbie Lamb, benefits consultant, says: “Income protection is a developing market and I am always looking to see if there is a better deal available. If something more attractive appears I’ll switch.”

So far, the firm has remained with Unum, although its scheme has undergone some changes in structure following a merger in 2004 which left Tullett Prebon with two schemes with Unum. One paid claims until retirement and the other for five years. In May 2006, these were replaced by a single plan that pays out for only two years. “After the merger, we focused on actively managing sickness policy to reduce potential claimants. The next step was to reduce coverage because the only way to control costs is via the benefits.”