The split trust

We've designed the split trust for use where your clients want to put their life cover in trust for their chosen beneficiaries but retain access to certain benefits, for example income protection or critical illness cover (where they survive diagnosis by 30 days).

This trust is available as a discretionary trust which means the trustees have flexibility to make payment to any of the discretionary beneficiaries. And it’s also available in a bare trust version, which makes sure the beneficiaries are fixed.

The split trust (jointly owned plans – survivor to benefit)

This trust is similar to the split trust explained above. The only difference is that it’s designed for jointly owned plans where the plan owners want to receive any other benefits. It’s available as either a discretionary trust or a bare trust.

Important note:
Please note this is a guide and shouldn’t be relied on as actual advice.

This website is intended for financial advisers only and shouldn't be relied upon by any other person. If you are not an adviser please visit

The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.