What is the Salary Protection Scheme?
The Salary Protection Scheme (SPS) is a safety net that helps you financially if you're unable to work due to an illness or an injury. If something happens and you can't do your job for a while, the SPS gives you a replacement income, so you don't have to worry about your finances while you're focusing on getting better.
Why should you consider joining the Salary Protection Scheme?
- It provides peace of mind knowing that you'll have some financial support if you can't work.
- It helps you maintain your lifestyle and cover your bills while you're recovering.
- If you are a member of the National Federation's Pension & Life Assurance Scheme, your pension contributions will continue to be paid on your behalf while claiming from the SPS.
- It's a voluntary option, meaning it's not mandatory, but it’s worth seriously thinking about for your own security. While it’s not compulsory like the Pension Scheme, it’s a smart choice for anyone who wants to make sure they’re financially protected in case the unexpected happens.
How much do you get under the Salary Protection Scheme if you can't work?
For employees who ARE in the National Federation's Pension & Life Assurance Scheme, 
the Salary Protection Scheme provides a replacement income of up to 66.67%* of a member's annual salary if they cannot work due to an illness or an injury. In addition, a Pension Protection Benefit of 12% of salary is paid to the member's pension scheme administrator to take account of the fact that pension contributions cease once their sick pay runs out.
For employee who ARE NOT in the National Federation's Pension & Life Assurance Scheme, the Salary Protection Scheme (SPS) provides a replacement income of up to 75%* of their annual salary if they cannot work due to an illness or injury.
*less any other income that the member may be entitled to e.g., half pay; ill health early retirement pension; state illness benefit or state invalidity pension.
MyDoc Service is now also available for members of the Salary Protection Scheme. MyDoc is an easy, online healthcare service for SPS members, their spouse / partner and dependent family members living with SPS members. Members of the SPS can now book free consultations, get prescriptions and sick certs, whenever and wherever they go!
Salary Protection Scheme Webinar - 12th December, 2024
Cornmarket hosted a dedicated webinar for National Federation members about the Salary Protection Scheme. Topics covered in the webinar included:
- What you are entitled to under the Salary Protection Scheme.
- What happens if I get sick?
- How you can protect your salary and your family.
Due to technical difficulties the webinar did not record, however, a copy of the Cornmarket slides are available to view here.
Where can you get further information on the Salary Protection Scheme?
If a member wishes to join the SPS or has any question on the Scheme they can contact:
Cornmarket are hosting a free webinar for interested employees on the Salary Protection Scheme. Details are as follows:
Date: Thursday, 12th December, 2024
Time: 1pm
Link will be uploaded shortly for employees to register for this event.
Take a moment to consider the benefits of joining the Salary Protection Scheme—it could make all the difference when you need it most!
Salary Protection Booklet and Application Form:
For further details on the Salary Protection Scheme's benefits, including MyDoc Service, eligibility and rates, please read the Salary Protection Booklet or contact Cornmarket directly as outlined above.
National Federation's Salary Protection Booklet
National Federation's Salary Protection Application form
