MetLife is adding a master trust to its group life product.
The scheme is free of charge to companies registered on a MetLife group life policy.
It enables employers insuring lump sum death benefits for staff to avoid the cost and administrative time involved in setting up their own scheme, as well as having to appoint trustees and a scheme adviser.
The scheme is registered with HMRC for the relevant tax relief and provides lump sum death benefits for insured employees and partners of employers participating in the scheme.
MetLife has joined with Castlewood Trust Corporation Limited which will operate as trustee of the master trust.
Castlewood will be responsible for reporting information to HMRC and handling all claim payouts.
MetLife UK employee benefits director Stephanie Baillie said: "Small and medium-sized employers have told us that setting up a registered scheme under a discretionary trust can be a barrier to putting in place tax-advantageous group life benefits for their staff.
"Offering access to a master trust to employers reduces administration time and will ease the process for employers. With SMEs tackling the onset of auto-enrolment the ability to offer group life will complement any pension arrangements by creating an attractive benefits package for their employees and provide additional protection for their families."