The master trust option can be selected at no additional cost, and takes the administrative burden of providing valued Group Life Assurance benefits away from employers who may not be resourced to deal with it. Canada Life has partnered with an independent trustee firm, Trustee Solutions Ltd, to manage the scheme. Trustee Solutions offer vast experience, having provided professional trustee services for more than 20 years. In partnership with Canada Life, they manage any changes in legislation or regulation affecting the trust and, if a claim is made, they will ensure the beneficiaries are correctly but sensitively identified. This lets employers focus on their business, safe in the knowledge that their employees are protected by the largest provider of Group Life Assurance benefits in the UK.*
The combination of CLASS and the master trust offers advisers a powerful solution in terms of efficiency and cost-effectiveness. Cover can be discussed and agreed with an employer and arranged within an hour. So if the necessary employee details are available, a company could have their policy in place and all the documentation in hand the very next day. The simplicity of the master trust is just one more benefit of the CLASS system, adding to generous free cover levels and minimum premiums, and 3 year rate guarantees for added cost certainty.
Paul Avis, Marketing Director at Canada Life Group Insurance, comments:
“We are thrilled to be able to offer an even simpler way for small employers to be able to offer a valued benefit like Group Life Assurance to their people. Providing this additional route through the automated CLASS system is a natural fit too – CLASS is all about ease of use and having a master trust in place speaks very plainly to that philosophy. By making Group Life Assurance this quick and easy, companies that may have thought offering these benefits is too complicated will be encouraged to put something in place for their employees and their families.”
John Kempster, Senior Associate at Trustee Solutions Ltd, comments:
“Trustee Solutions Ltd is delighted to have the opportunity of working with Canada Life and its new Master Trust, where our experience and pragmatic approach will ensure that benefits are processed in a timely manner and with the minimum of fuss, removing stress at a difficult time for those concerned.”
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