Trusts, deeds and rules.

This is used to record how, and to who, benefits from a death in service policy will be paid.  Where the benefit is paid for employees, it can also sets up the scheme.  If the scheme is to be registered with HMRC, the scheme administrator will only be able to do this once the employer has formally set the scheme up.

We have different versions of trusts to choose from depending on:

• the type of scheme and policy the policyholder wants;
• the set up of the business (is it a limited company,  equity partnership or Limited Liability Partnership); and
• whether trustees are to be appointed or if the business is to act as a corporate trustee.

If your client is setting up a scheme for their employees, our new declaration of trust examples also have scheme rules attached.  These are generic scheme rules that should not need regular updates.

Contact us if you cannot find the version you need.

Visit the literature section to download trusts, deeds and rules.

These describe who is eligible for benefit, what circumstances trigger benefit payment and who will receive the benefit. Scheme rules may be updated by adopting an addendum, or a replacement set of scheme rules.

Our new declaration of trust examples have scheme rules attached.  These are generic scheme rules that should not need regular updates.

Visit the literature section to download trusts, deeds and rules.

A policyholder can use this to include the employees of another employer under your scheme.  It records:

• the principal employer’s agreement to let the new employer participate;
• the new participating employer’s agreement to keep to the scheme rules; and
• the date the new participating employer joins.

We have different examples of this deed depending on the set up of the employers (for example limited company or partnership).  Contact us if you cannot find the version you need.

Visit the literature section to download trusts, deeds and rules.

This is used to change the scheme name.  We have different versions of this deed depending on the set up of the principal employer’s business (is it set up as a limited company, equity partnership or Limited Liability Partnership).

Visit the literature section to download trusts, deeds and rules.

This is an agreement between two different employers where one is replacing the other as the principal employer (the employer who sponsors the scheme).  The new principal employer can also use the deed to update the scheme name at the same time.

We have different versions of this deed. Some completely remove the old principal employer while others allow them to still be included as a participating employer.  Contact us if you cannot find the version you need.

Visit the literature section to download trusts, deeds and rules.

This is used when the policy is to be transferred to cover the benefits of a different scheme (and the benefits of the old scheme are no longer to be covered).

For example, our policy may be covering the death in service benefits of a pension scheme the trustees have decided to wind up. To continue the death benefits for their employees, the principal employer is setting up a new death in service scheme.

They now need us to move the policy from the old pension scheme to the new death in service scheme.

The deed is an agreement between the old scheme trustees (the old policyholder) and the new scheme trustees (the new policyholder). It records the date of the change and the policies affected. The new trustees also agree to keep to the policies’ terms and conditions.

There are different variations of the trust depending on the set up of the schemes.  For example some deeds cater for corporate trustees and others for appointed trustees.  Contact us if you cannot find the version you need.

Visit the literature section to download trusts, deeds and rules.

This is used where an equity partnership is being wound up and replaced by a Limited Liability Partnership (LLP).  Our deed is an agreement between the old equity partnership and new LLP.  It allows the new LLP to take over the trust and policy from the old partnership.

Visit the literature section to download trusts, deeds and rules.