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Trust Documentation
Group Life Assurance Trusts
Canada Life Group Life Assurance policies are designed to work in conjunction with a discretionary trust. The benefits whether they are in the form of a lump sum or a dependant’s pension will be payable to the trustees of the scheme.
The employer is responsible for establishing their own trust and the trustee(s) are responsible for keeping the trust documentation up to date.
Where the scheme is registered with HM Revenue & Customs (HMRC), it is the scheme administrator’s responsibility to carry out registration and ensure that the scheme complies with any HMRC requirements. Below, you will find specimen:
- Deeds of declaration of trust (and accompanying scheme rules) to establish a stand-alone group life scheme that meets the requirements of the Finance Act 2004.
- Deeds of amendment that amend the provisions of declarations of trust (and the accompanying scheme rules) for registered stand-alone group life schemes that were established before 6th April 2006 (A-Day) so that they meet the requirements of the Finance Act 2004.
It is recommended that independent legal advice is sought in all circumstances.
Deed of declaration of trust for Registered stand-alone Group Life Schemes
The following specimen deeds of declaration of trust (and accompanying scheme rules) are available to establish a stand-alone group life scheme that can provide lump sum and / or dependant’s death in service pension benefits for employees in accordance with the Finance Act 2004 and can be registered with HMRC:
There are versions for different types of organisation and whether there are corporate or individual trustees. |
|
| Limited Company or Limited Liability Partnership (LLP) | Corporate trustee |
| Limited Company or LLP | Individual trustees |
| Partnership (not LLP) employees only | Individual trustees |
| Sole proprietor | Individual trustees |
Attached to each deed are notes about their use and completion.
Independent legal advice is recommended in all circumstances.
We strongly recommend that the deed be referred to your legal advisers for vetting and tailoring to your circumstances.
If you are uncertain which document or whether a document is suitable for your organisation, we recommend you seek independent legal advice.
Deeds to update Registered stand-alone Group Life Schemes to our latest trusts deed and rules
The following specimen deeds of amendment that amend the provisions of declarations of trust (and accompanying scheme rules) are available for registered stand-alone group life schemes to update the trust deed and rules to the most up to date versions that meet the requirements of the Finance Act 2004.
There are versions for different types of organisation and whether there are corporate or individual trustees. |
|
| Limited Company or Limited Liability Partnership (LLP) | Corporate trustee |
| Limited Company or LLP | Individual trustees |
| Partnership (not LLP) employees only | Individual trustees |
| Sole proprietor | Individual trustees |
Attached to each deed are notes about their use and completion.
Independent legal advice is recommended in all circumstances.
We strongly recommend that the deed be referred to your legal advisers for vetting and tailoring to your circumstances.
If as a result of any amendment to the trust deed and rules, the benefits provided for members changes, you should contact Canada Life to agree any changes to the insurance cover required. Changes in cover do not apply automatically when changes are made to the scheme trust deed and rules.
Deed of declaration of trust for Excepted stand-alone group life policies Specimen
Specimen deeds of declaration of trust are available for use with stand-alone excepted group life policies and relevant life policies for an individual which can provide lump sum benefits for schemes that are not registered with HMRC.
To obtain a copy of a deed of declaration of trust, please contact our customer service centre on 0845 223 8000 or e-mail groupcsc@canadalife.co.uk
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Last updated 08.07.2011
