SL and Barclays team up to launch joint PTA product

Standard Life has teamed up with Barclays Insurance Services to offer pension term assurance (PTA). The two firms announced that the product, called B-Assured, will allow customers simple and competitive life insurance as well as tax relief on payments. Standard Life has developed a contract - with limited sums assured over fixed terms and a shortened application process - to enable Barclays to offer the product via its website. The agreement to enter the retail life assurance market through a high street bank is a new direction for Standard Life. The deal is set for three years.