Excepted Life Trust
The Excepted Life Trust is provided by Ellipse for all new and existing excepted group life policyholders. It provides a ready to use discretionary trust deed, along with professional trustee services provided by Pitmans Trustees Limited (PTL). This ensures that all HMRC requirements for excepted schemes are met efficiently and effectively.
We often find that standalone excepted trusts are poorly worded and employers are not sufficiently prepared to act as trustees. At the very least this delays payments to beneficiaries and can also bring unwanted tax liabilities.
The Excepted Life Trust provides the following benefits to employers:
- Quicker payments to beneficiaries
- Reduced legal and tax risk from an appropriately worded trust
- Less administration at point of claim
- No need to act as trustees
If the employer wishes to establish an Excepted Life Trust and they already have an existing excepted trust deed in place, they may wish to terminate this prior to establishing the new trust.
How to establish the trust (New policyholders).
- Download the Excepted Life Trust deed.
- Open the PDF and complete the grey fields in the document. (REGNUMBER is the Companies House registration number for the company. Appendix 1 and 2 are for amendments and do not need to be completed when the trust is established.)
- Save the PDF, then print and sign it.
- Scan the signed document and email it with your application form to firstname.lastname@example.org
How to establish the trust (Existing policyholders).
If you already have an Ellipse policy you can establish an Excepted Life Trust at any time. Follow the same steps above and indicate the date you wish to start the new trust in the grey date field "StartDateofPolicy" (the trust can't be backdated so please use a date in the future).
Once signed, please send the scanned document to email@example.com with your policy number.
If you have any questions about the Excepted Life Trust please call us on 0203 003 6262.