FOR ADVISERS ONLY
The relevant life trust
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.
Important note:
Please note this is a guide and shouldn’t be relied on as actual advice.
Introducing our signature free process
We know processing a trust application can be a struggle - especially when you need so many signatures.
Our new signature free Relevant Life Plan trust process allows you to complete the application for your client without having to wait for signatures from nominated trustees or your client - making the process simple.
Our Relevant Life Plan online application lets you complete a signature free trust form, making the trust process simple.
The details you need to enter are included in the main application, but you can still send us a paper trust form before the plan starts, if you want.
The information we ask for online is the same as on our paper version, so there are no surprises. And you won’t need to repeat anything you’ve already told us.
You need to complete all the trust sections to submit the application, but you can save and return to it at any point if you don’t have all the information to hand.
You can also print a copy to share with your client before sending us the final application.
Once you’ve sent it to us, there’s nothing else you need to do.
A copy of the trust form will be available as part of the client pack on your dashboard.
And we’ll send confirmation to the plan owner and tell the nominated trustees straight away, with no delays caused by the need for a signature.
At Royal London, we make the application process simple.