Risk Assurance Management Limited Group Life Master Trust Facilities

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.

Frequently Asked Questions

What is the Risk Assurance Management Limited Master Trust?

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.

What are the benefits of the Risk Assurance Management Limited Master Trust?

  • It means your clients do not need to establish their own Trust
  • It means a Trustee bank account is not required
  • Reduced costs – Employers avoid the legal costs of creating their own Trust Deed & Rules. In addition, employers can avoid engaging expensive solicitors to deal with periodic charges and exist charges where an Excepted Scheme is a discretionary Trust.
  • In the unfortunate event of a claim occurring, potentially complex & sensitive decisions regarding the disbursements of the proceeds are removed from the employer & are placed in the hands of experienced, professional, Trustees.

If the scheme is Registered, does it need to be registered with the HMRC & a Pension Scheme Tax Reference (PSTR) No. obtained?

No, our Registered Master Trust has already been registered with HMRC. The PSTR No. is: 20004130RX

Is a Trustee bank account required?

No, using our Master Trust means that a Trustee bank account is not necessary.

Who are the Corporate Trustees?

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/

Who can participate in the Master Trust?

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.

What happens if there is an existing Trust in place?

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.

Is the Master Trust portable?

No, if you are no longer insured via Risk Assurance Management Limited, your membership of the Master Trust ceases automatically.

What happens in the event of a claim?

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 Wish 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 Wish 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 Wish form is how recently it was completed. Therefore, we would recommend that all members complete Expression of Wish forms on joining a scheme & importantly, review these on a periodic basis as their personal circumstances may change.

What is an Expression of Wish form?

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 wish form and review them periodically as circumstances may change.

We do not need sight of any Expression of Wish form other than in the unfortunate event of a claim.

A blank expression of wish form is available here.

Important Notice – Please Read

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.