From today (16 March), advisers using Canada Life’s online administration platform will be able to access a master trust facility for group life assurance.
The option can be selected at no additional cost and takes the administrative burden of providing group life assurance benefits away from employers.
Canada Life has partnered with independent trustee firm Trustee Solutions to manage any changes in legislation or regulation affecting the trust and, if a claim is made, ensure the beneficiaries are correctly identified.
According to Paul Avis, marketing director of Canada Life Group Insurance, this lets employers focus on their business.
This latest move from Canada Life comes after earlier this month Equitable Life has reached an agreement to transfer 31,000 annuities, valued at circa £875m, to the insurer, which stated that policyholders would be best served by this.
It intends to transfer the policies to Canada Life under a Part VII scheme, subject to completion of the court process, by the end of 2015.
Equitable Life admitted it is facing up to the fact that the run-off of its annuity book is considerably longer than its with-profits business.
emma.hughes@ft.com
