The new scheme can provide cover of an amount up to the lifetime allowance, less the value of any existing pension benefits available, paid out as a tax-free lump sum on the death of a member to their spouse or other dependant.

The life assurance scheme allows for cover up to the value of £600,000 (for those aged 18 to 50) or £300,000 (for those aged 51 to 60), to be provided without the need for underwriting if the answers to four lifestyle questions prove acceptable. Premiums will be paid directly from scheme funds or, alternatively, may be via the principal employer if it is a small self-administered scheme.

Ian Hammond, Managing Director of Rowanmoor Pensions, says, ‘The life assurance market continues to be a thriving sector that continually demands new products and services. Our expertise in the pension sector, coupled with innovative thinking when developing new products and services, means that we can provide our clients with considerable death-in-service benefits at a competitive cost.’

This latest offering from Rowanmoor Pensions is provided by Lutine Assurance Services Limited and is available to members of Rowanmoor Pensions’ schemes.