Aviva has launched a Group Life Master Trust aimed at offering protection solutions to small and medium-sized enterprises.
The trust will be available on both registered and excepted group life policies.
This means it can be used to offer life insurance to employees of all levels, including employees not covered under a standard registered group life arrangement.
Additionally, the master trust solution is also available through the group protection online system for any group life policies that cover between three and 100 lives.
Aviva’s Group Life Master Trust is designed for multiple employers, but delivered under a single trust arrangement and governed by the external independent trustee company Pitmans Trustees.
Steve Bridger, managing director for group protection at Aviva, said: “Cost and resources can be a real barrier for smaller companies that want to offer their staff workplace benefits.
“Using a master trust can reduce the cost and the time spent setting up a benefit and managing it in the future.”
William Annison, employee benefits consultant at Stockport-based HWWA Consulting said: “The opportunities for increasing this market on the back of auto-enrolment are huge.
“All providers who don’t already offer a master trust capable of including excepted life schemes need to do so urgently.
“Setting up a trust to operate a new group life plan is a barrier to taking out this cover for SMEs.”