Today, we have launched our new Excepted Solution to help make excepted schemes easier for our customers. Normally employers would need to administer their own excepted Trust, but our new Excepted Solution removes this need using pre-appointed Trustees.
What is the Excepted Solution?
The Excepted Solution is a pre-determined excepted trust and rules, with a third party appointed as the trustee. This third party is Trustee Solutions Limited, the same trustees as those under our Master Trust.
Employers who use this solution will become the principal employer and will own the trust, but the payment of claims will be handled by the pre-appointed trustees instead of the employer. We will also make sure the rules of the trust are kept up-to-date in line with any new legislation. Otherwise, the employer will have their own excepted policy, tailored to their needs in terms of benefits and price, with the same market-leading service from Canada Life.
The Excepted Solution is now available to new customers who take out a standard Canada Life group insurance policy.
How do employers get started?
Employers can set up a scheme by following steps below:
- Complete the Excepted Solution trust deed template available on our website here. This template needs to be correctly completed on or before the date cover starts.
- Provide a copy of the trust to us along with quote acceptance and any other new scheme requirements we’ve requested
- Ask employees to complete the Expression of Wish Form, available here. This helps the trustees decide who should receive benefits when a claim is made.
Our new guide contains everything you need to know:
For more information, please contact your account manager or call us on 0345 223 8000.