10/03/2010 Pitmans Trustees launch ‘Group Life Master Trust’

10 March 2010

Pitmans Trustees Ltd (PTL) today announced the launch of a new service offering – Group Life Master Trust.

Richard Butcher, Director at PTL, explained; ‘Since the Pensions Act 2004 it has been illegal for pension schemes to provide life assurance benefits to members who have no actual or potential pension interest in a scheme (so called ‘life only members’).

Although this legislation has been on the books for a number of years, we are still coming across well intentioned employers and trustees who don’t know about it. They are, potentially, providing a good employee benefit in an illegal way. In extreme circumstances this could result in them being fined up to £5000 each (or £50,000 for a corporate trustee).’

Butcher added, ‘Other employers have set up their own life only trusts but are not quite sure how to maintain them.

The Group Life Master Trust is designed for those employers with life only members. Rather than set up and run their own life assurance trust, they can now use the Master Trust. This will save them time, effort and money as well as reduce their risk.

Employers who sign up can continue to use their existing insurer and will have their own, dedicated, segment of the Master Trust.

Our aim is to make the provision of a simple but effective and very important employee benefit much easier for employers.’

For more information or any other PR enquires please contact:

Kate Boyle
kate@kateboyle-pr.co.uk
07930 442883