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Risk Assurance Management Limited have established Master Trust facilities for both Registered & Excepted Group Life schemes. We have set out below some information relating to frequently asked questions. However, if you have any further questions, please email them to: MasterTrust@ram-ltd.co.uk.
Group Life policies must be written in Trust. The Trust can be established by the employer themselves or they can use our Master Trust. The Master Trusts have been created by Risk Assurance Management Limited for the benefit of their clients. We have created both Registered and Excepted Master Trusts which are managed by Corporate Trustees.
No, our Registered Master Trust has already been registered with HMRC. The PSTR No. is: 20004130RX
No, using our Master Trust means that a Trustee bank account is not necessary.
The Trustees are Pi Consulting Limited a specialist firm of Trustees. Established in September 2000 they are an employee-owned business committed to delivering the very highest standards of service.
Pi Consulting is part of the Pi Partnership Group which provides a range of specialist services including independent trustees, independent scheme secretaries, operational reviews and adviser review and selection. All of their services are delivered by their highly experienced team of trustees.
Further information is available here:
https://www.pipartnershipgroup.co.uk/pi-consulting/
Any client of Risk Assurance Management Limited can join the Master Trust by completing the appropriate Participation Form. Care should be taken to ensure the correct Master Trust (Registered or Excepted) is joined.
If there is already a standalone Trust, this will need to be terminated. The Trust Rules should contain the procedure for doing this. If there is a Trustee bank account this should be closed. If the client is moving from another insurer’s Master Trust, the other insurer should be approached to confirm the procedures for exiting that arrangement.
No, if you are no longer insured via Risk Assurance Management Limited, your membership of the Master Trust ceases automatically.
Please contact us as soon as possible in the event of a claim. We recognise that this can be an extremely distressing time for all concerned & we will endeavour to settle the claim as swiftly as possible.
We will require a completed Claim Form, the Original Death Certificate or Coroner’s Certificate, evidence of salary (if applicable), a completed Personal Circumstances Questionnaire, a copy of the Expression of Wishes form and a copy of the Will (if available).
It is the sole discretion of the Trustees to adjudicate how the proceeds of the claim are disbursed. It is important to note that whilst an Expression of Wishes form will have some influence on their decision, it is not a legally binding document. One of the factors which will determine the strength of the Expression of Wishes form is how recently it was completed. Therefore, we would recommend that all members complete Expression of Wishes forms on joining a scheme & importantly, review these on a periodic basis as their personal circumstances may change.
This is a form which a member of a Group Life scheme completes with their wish as to how the proceeds of any claim should be distributed. They may nominate 100% of the benefit to an individual person or it may be distributed to a number of people. It is important to note that whilst the Trustees will take note of the form, the forms themselves are not legally binding, because the Trust under group life schemes must be discretionary. It is the sole responsibility of the Trustees to decide to whom the proceeds of the claim should be paid.
We strongly recommend that all members covered by a Group Life policy complete an Expression of Wishes form and review them periodically as circumstances may change.
We do not need sight of any Expression of Wishes form other than in the unfortunate event of a claim.
A blank Expression of Wishes form is available here.
You can find the Trust Deed and Rules here.
The Master Trusts have been developed to meet the needs of most clients. If there is any doubt about whether they are suitable for a specific employer we strongly recommended that appropriate independent legal advice is sought.
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