The business applies for the plan, which must be written under trust from the start with the beneficiaries being the employee covered and their family. This ensures that the benefit is paid to an individual as required by the legislation governing relevant life plans.
The employee is a beneficiary so that if they leave the business, the plan can be assigned to them as a personal plan.
This trust is only available as discretionary trust.
Please note this is a guide and shouldn’t be relied on as actual advice.