Personal Pension  

Canada Life widens auto-enrolment net

Canada Life has extended its auto-enrolment terms and conditions to all employers completing automatic enrolment before 31 December 2014.

Canada Life’s terms include no requirement for employee data to be supplied at the auto-enrolment date, with costs reconciled the following year if the pension membership covered under a policy increases by less than 25 per cent.

Unit rates are maintained if the pension scheme members covered under the policy increases by 25 per cent or more on its group life assurance and group critical illness contracts as a result of auto-enrolment.

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Only one set of data is required three months after the auto-enrolment date, to allow for opt-outs and other administrative activities to settle and stabilise, where pension scheme members covered under the policy increases by 25 per cent or more.

An amnesty is offered for previously undeclared late entrants at the first automatic enrolment date.

Paul Avis, marketing director of Canada Life Group Insurance, said: “We see a great opportunity for advisers to expand current group risk schemes to previously uninsured members.

“As well as addressing the immediate issues, to ensure that our November launch keeps administration as easy as possible we will be proactively working with our adviser customers over the next 18 months to support them and evolve our automatic enrolment offering for group risk.

“In line with our philosophy of technical and service excellence, we will also continue to review our position to ensure our terms remain appropriate for advisers and clients of all sizes as the automatic enrolment timetable progresses.”