14 April 2020

Group Life Mastertrusts just got easier

Using our Group Life Mastertrust to set up a registered lump sum Group Life Assurance scheme is becoming more and more popular.

We’re long-time experts in Mastertrusts, using the same Mastertrust for Group Life Assurance that we originally set up for our corporate pension clients. The rules and regulations can be complex and ever-changing so it’s important that the specialists managing it have an in-depth understanding.

Hassle-free

There are clear advantages in using a registered scheme for lump sum benefits, but setting them up can be onerous. Advisers that use our Mastertrust give their clients all of the benefits without any of the hassle.

We deal with HMRC, we ensure the scheme is compliant with the latest rules, and we deal with all the administration. Taking into account Expression of Wish forms and employee circumstances, our trustees consider what would be suitable – a further burden lifted from employers.

This is all free for employers, whatever their size. Both large corporates and SMEs benefit equally from the advantages of Mastertrusts. In an ever-busy world, all are glad to pass the task of arranging and managing them on to a trusted expert.

Our Mastertrust is designed to be quick and save employers time. We also make it easy when moving from another insurer.

Continual enhancements

Not only does our dedicated team keep on top of changing rules and legislation to ensure our Mastertrust fully complies with the latest requirements, we also have a dedicated team that continually enhances the arrangement and set-up to ensure the process for clients to sign up is as smooth as possible.

Following feedback we’ve recently moved from requiring a hard completed Deed of Participation to a more simpler application form, that can be submitted electronically when clients sign up. This gives greater freedom and just needs one employer signature. The form is interactive, it can be completed online, or downloaded and emailed back to us. Still fully compliant with all the necessary regulations, it’s designed to be much quicker and a less onerous process for clients.

This is just one of a number of improvements we’re making. As Mastertrusts become increasingly popular we’re developing digital solutions to enhance the customer experience, and we’re looking to announce more in the coming months.

So for advisers that want to recommend a Mastertrust to their clients requiring lump sum group life benefits, please contact your account manager or contact us at group.protection@landg.com.