Pitmans Trustees Limited appointed by Unum to Group Life Master Trust product

29 July 2010

Pitmans Trustees Ltd (PTL) today announced its appointment as Independent Trustee to Unum’s new Master Trust Group Life product.
Earlier this month Unum, one of the UK’s leading providers of financial protection, announced a range of enhancements to its Group Life proposition. One of the key changes is the creation of its Master Trust, which means employers who offer their employees Group Life cover can pay out claims free of tax.
Previously, companies would have to set up their own discretionary trust – the only way for the claims to be paid tax-free – which can be expensive, require ongoing maintenance and is usually time consuming. By removing the requirement for firms to manage this process themselves, Unum says it is helping to remove business costs. It hopes this will encourage those considering offering Group Life cover to do so, particularly smaller and medium sized companies (‘SMEs’).
Richard Butcher, Managing Director of PTL, commented, ‘Unum is an innovator amongst insurers. This change to their proposition demonstrates both that, and their commitment to helping the SME market. We are very pleased to have been selected and look forward to working with their team and their clients.’
Helene Gullen, Commercial Marketing Manager at Unum, commented, ‘This change helps us strengthen the financial protection benefits package we offer to employers, and will help employers to manage their costs. We have selected PTL because we believe they have the best skills and expertise in the market to assist our team and our clients. They were also able to demonstrate their own ability to innovate and their commitment to the wider cause of good governance is important to us’
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