NOW:Pensions to offer life cover from Ellipse
Ellipse has teamed up with NOW:Pensions to offer firms life cover for employees as part of their auto-enrolment solution.
NOW:Pensions, the multi-employer trust launched in anticipation of the roll out of pensions auto-enrolment in the UK, is to offer life cover from Ellipse as part of its service.
The two firms say this would benefit employers as the cover would be set up under NOW:Pension’s master trust, meaning employers would not need to register their own trust in order to ensure the cover is paid free of inheritance tax should an employee die in service.
Morten Nilsson, chief executive officer at NOW: Pensions, said: “Employers who are preparing for auto-enrolment are generally reviewing their entire benefits package. Providing life cover is an additional benefit which companies can offer at a low cost, and which is valued by their employees.
“This partnership is therefore key in enabling us to give our members access to a complete retirement package of both pension provision and life cover, something which not all providers are able to offer.”