Rowanmoor Pensions has launched a life assurance scheme which will provide death-in-service benefits for members of its small self-administered schemes or family pension trusts.
The new scheme is provided by Lutine and can provide cover of an amount up to the lifetime allowance paid out as a tax-free lump sum on the death of a member to their spouse or other dependant.
The life assurance scheme allows for cover up to the value of £600,000 for those aged 18-50 or £300,000 for those aged 51 to 60 to be provided without the need for underwriting if the answer to four lifestyle questions prove acceptable.
Premiums will be paid directly from scheme funds or alternatively may be via the principal employer if it is a small self-administered scheme.
Rowanmoor will pay introducing IFAs a commission of 10 per cent of the premiums paid to the life assurance scheme.
Rowanmoor managing director Ian Hammond says: “The life assurance market continues to be a thriving sector that continually demands new products and services. Our expertise in the pension sector, coupled with innovative thinking when developing new products and services, means we can provide our clients with considerable death-in-service benefits at a competitive cost.”