Canada Life Group Insurance has extended its terms and conditions, which previously applied to employers with 250 or more PAYE employees, to all employers completing automatic enrolment before 31 December 2014.
Canada Life's terms include:
• No need for employee data at the automatic enrolment date, with costs reconciled the following year if the pension membership covered under a policy increases by less than 25%.
• Maintaining unit rates if the pension scheme members covered under the policy increases by 25% or more on its Group Life Assurance and Group Critical Illness contracts as a result of automatic enrolment.
• Only one set of data required three months after the automatic enrolment date, to allow for opt-outs and other administrative activities to settle and stabilise, where pension scheme members covered under the policy increases by 25% or more.
• An amnesty for previously undeclared late entrants at the first automatic enrolment date.
Paul Avis, marketing director of Canada Life Group Insurance, said: "We see a great opportunity for advisers to expand current group risk schemes to previously uninsured members and so when we started our automatic enrolment work we had a clear ambition - to make it easy for advisers to do business with us and to maximise the market growth opportunities that automatic enrolment presents.
With the reduction in administration from these terms and conditions, we believe we have achieved this but would also add this is the start of a process of our support to advisers and employers.
"As well as addressing the immediate issues, to ensure that our November launch keeps administration as easy as possible we will be proactively working with our adviser customers over the next 18 months to support them and evolve our automatic enrolment offering for Group Risk."
