Insurer MetLife has launched a master trust for small and medium-sized enterprises (SMEs).
The MetLife Master Trust helps employers insure lump-sum death benefits for staff and their partners to avoid the cost and administrative time involved in setting up their own pension scheme, as well as having to appoint trustees and a scheme administrator.
The master trust is available at no additional cost to organisations that take out a registered MetLife group life policy.
It has appointed Castlewood Trust Corporation as trustee of the scheme. The master trust is already registered with HM Revenue and Customs for the relevant tax relief.
Stephanie Baillie, employee benefits director at MetLife UK, said: “With SMEs tackling the onset of auto-enrolment, the ability to offer group life will complement any pension arrangements by creating an attractive benefits package for employees and provide additional protection for their families.”