MetLife UK has launched a master trust for its group life customers as it looks to expand its employee benefits offering.
The master trust was launched last week and is available to companies that take out a MetLife group life policy. There is no extra charge for using the master trust.
The trustee of the master trust is Castlewood Trust Corporation Limited, an independent trustee company.
MetLife UK employee benefits director Stephanie Baillie says: “Small and medium-sized employers have told us that setting up a registered scheme under a discretionary trust can be a barrier to putting in place tax-advantageous group life benefits for their staff.
“Offering access to a master trust to employers reduces administration time and will ease the process for employers.
“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 their employees and provide additional protection for their families.”
Castlewood managing director Scott Clayton says: “The partnership with MetLife is a key part of our expansion plans and we are confident that clients will welcome the efficient and reliable service the master trust will offer.”
A number of life companies including Zurich, Standard Life and Legal & General have launched master trust offerings as they look to take advantage of automatic enrolment. Now Pensions and B&CE have also launched large scale, low cost pension schemes to rival Nest.
Rowley Turton director Scott Gallacher says: “Group life policies are notoriously difficult and expensive to set up. Anything which simplifies that process and brings costs down, which in theory a master trust should do, has to be a good thing for both employers and members.”