Common use of Life Cover Clause in Contracts

Life Cover. The Executive will be eligible to participate in the Employer’s life assurance arrangements subject to and in accordance with such terms as are from time to time in place. The amount of life assurance cover (“Life Cover”) in the event of the Executive’s death during the Employment will be equal to four times the basic salary set out in Clause 3.1 above (as revised from time to time), irrespective of whether or not the Executive is a member of any pension scheme operated by the Employer. If the Executive is a member of the Scheme for retirement benefits, depending on the Executive’s circumstances at the time of the Executive’s death, there may be a further benefit available of up to four times the basic salary set out in Clause 3.1 above (as revised from time to time). The provision of any such benefit will be as provided for in the terms of the Scheme. Such Life Cover will be provided under the terms of any arrangement designated by the Employer (and may be through an arrangement other than a registered pension scheme).

Life Cover. The Executive will be eligible to participate in the Employer’s life assurance arrangements subject to and in accordance provided with such terms as are from time to time in placeLife Cover. The amount of life assurance cover (“Life Cover”) Cover in the event of the Executive’s death during the Employment will be equal to four times the basic annual salary set out in Clause 3.1 above (as revised from time to time), irrespective of whether or not the Executive is a member of any pension scheme operated by the Employer. If the Executive is a member of joins the Scheme for retirement benefits, depending on the Executive’s circumstances at the time of the Executive’s death, there may be a further benefit available of up to four times the basic annual salary set out in Clause 3.1 above (as revised from time to time). The provision of any such benefit will be as provided for in the terms of the New Scheme. Such Life Cover will be provided under the terms of any arrangement designated by the Employer and notified to the Executive (and may subject to the proviso that any Life Cover in excess of the Lifetime Allowance applicable to registered pension schemes will be provided by the Employer or through an arrangement other than a registered pension scheme).