Unum has appointed Pitmans Trustees as the independent trustee to its new master trust group life product.
The financial protection provider introduced a range of enhancements to its group life proposition earlier in July. One of the key changes was the creation of its master trust, which allows employers that offer their employees group life cover to pay out claims tax-free.
Previously, employers would have to set up their own discretionary trust – the only way for the claims to be paid tax-free – which are expensive and require ongoing maintenance.
Helene Gullen, commercial marketing manager at Unum, said: “This change helps us strengthen the financial protection benefits package we offer to employers and will help employers to manage their costs.
We have selected [Pitman Trustees] because we believe it has the best skills and expertise in the market to assist our team and clients. [It was] also able to demonstrate its own ability to innovate and its commitment to the wider cause of good governance is important to us.”
Richard Butcher, managing director of Pitman Trustees, added: “Unum is an innovator among insurers. This change to their proposition demonstrates both that, and their commitment to helping the SME market. We are very pleased to have been selected and look forward to working with its team and clients.”
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