Cover will be set up under the provider’s multi-employer trust, meaning employers will not need to register their own trust, andcover is therefore paid free of inheritance tax should an employee die in service.
Morten Nilsson, chief executive, Now Pensions says: “Both companies were created with the aim of developing better provision of workplace benefits across the UK. We were impressed by Ellipse’s use of technology to offer a simple and cost efficient group insurance product, which fits with our own approach and business model.
“This partnership is 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.”
John Ritchie, chief executive, Ellipse, says: “Ellipse and NOW: Pensions are businesses that thrive by challenging the status quo and we are very much looking forward to being part of their growth story. Furthermore, clients attracted to Now Pensions’ offering by its value, efficiency and ease of use can now access life cover with the same appeal to enhance their employees’ benefits.”