Insurance
Royal Air Force Dependants Fund
Membership of the RAF Dependants Fund (a registered charity) is open to all members of the Royal Air Force, including Full Time Reserve Service personnel, and ceases automatically on the last day of paid Service. The object of the fund is to provide an immediate lump sum of money, currently £10,000 from 1 Jan 07, to alleviate distress and to cover any urgent needs arising from bereavement for a nominated beneficiary who need not necessarily be the next of kin. The grant is completely free of all forms of tax and does not form part of the deceased's estate. The Fund relies upon members' subscriptions (currently 45p per month deducted from pay before tax) for its income. Currently 96% of all RAF personnel are members of the Fund; full details of the scheme, and the necessary application forms, can be obtained from your HR Staff.
The Royal Air Force Dependants (Income) Trust
The RAF Dependants (Income) Trust (known as DINCOME) was set up to enable subscribers to the Dependants Fund to make long-term provision for their dependants in the form of an increasing monthly income payable until the 55th anniversary of the subscriber's date of birth. The scheme was up-dated in 1990 and the revised format provides for the payment of a capital sum of £10,000 for each unit of benefit held plus, in the vast majority of cases, a monthly income as in the original scheme. The amount of income payable varies according to the age at which a subscriber joins and dies. Currently, each unit of benefit costs £3.50 per month (£2.30 for those under 20 years of age) and, like the Dependants Fund grant; payments are completely free of all forms of tax. At the trustees' discretion, beneficiaries may elect to receive a 'one-off' lump sum payment in lieu of monthly income. Currently 70% of personnel are members of DINCOME; full details of the scheme and the necessary application forms can be obtained from your HR Staff.
| Back | Top |