Share Protection Policies Under Business Assurance Trust. The advantages of writing an assurance policy under trust

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1 BUSINESS MOMENTUM Business Trust Share Protection Policies Under Business Assurance Trust The advantages of writing an assurance policy under trust Writing an assurance policy under trust creates an immediate trust in favour of beneficiaries. Under current legislation the sum assured under the policy would be free of any inheritance tax provided that the trust meets certain requirements. (Regular premiums paid under such a policy are, however, treated as lifetime gifts for inheritance tax purposes but will normally be exempt from such tax if they fall within current limits). The writing of an assurance policy under trust will also ensure that the policy proceeds are paid direct to the trustees at the time that the payment is triggered and so, in the case of death, the proceeds under a life assurance policy can be paid out to the trustees on proof of death without having to wait for a Grant of Probate or Letters of Administration. Beneficiaries This trust is a flexible trust in which the trustees have the power to decide who, out of a class of potential beneficiaries, will ultimately receive the policy proceeds. The specimen beneficiary clauses contained within this trust provide that the present and future shareholders in the partnership/corporate business are automatically included in the trust under the class of potential beneficiaries and that those that leave or retire are automatically removed.

2 How to complete the Declaration of Trust The provisions of this trust should be carefully read before it is completed. However, given that this is a complex area of law, independent legal advice should be taken in the first instance before completing the trust. Liverpool Victoria Life Company Limited expressly disclaims all liability in respect of any consequence which may arise from the use of this trust. Beneficiaries (Note 1) Box A shows all the people who potentially might benefit from the trust. Full names (including the maiden name of a married woman) should be stated in block capitals. Where there are two or more beneficiaries, each person's share or shareholding should be specified. If the Trustees fail to make an appointment within the period of two years, commencing with the date on which payment of the sum assured becomes payable under the policy, the beneficiaries identified in Box B shall benefit from the trust in accordance with Provision 3 of the Trust Provisions. If in the future a change of beneficiary is required this can be done quite simply by preparing a Deed of Appointment in favour of any of the potential beneficiaries. Specimen beneficiary clauses The specimen beneficiary clauses set out below are some examples of possible wordings to be inserted in Box B. 1. For Partners absolutely: 'Upon trust for the benefit of the person or persons who, when the sum assured becomes payable, are in partnership with me as... [insert nature of business] under the firm name of... [insert name of partnership] (or any partnership or company carrying on the business in place of the said partnership or in succession to it) ( Partnership ) and (in the case of a partnership) in shares corresponding to their entitlement under the partnership agreement or as otherwise agreed between the partners (as appropriate), or (in the case of a company) to their respective shareholdings in that company, to purchase my share of the Partnership'. It would be appropriate for all of the other partners in the Partnership to enter into an assurance trust on identical terms. 2. For Shareholders absolutely: 'Upon trust for the benefit of the person or persons who, when the sum assured becomes payable, are my fellow shareholders in the limited company... [insert name of company] with company registration number... [insert registration number of company] of... [identify type of shares, eg ordinary] shares in the Company ( the Company ) and in shares corresponding to their respective shareholdings in the Company, to purchase my shareholding in the Company. It would be appropriate for all of the other shareholders in the Company to enter into an assurance trust on identical terms. Trustees (Note 2) You will be a trustee automatically. One or more additional trustees should always be appointed at the outset. It is permitted for a beneficiary to be a trustee although a trustee must be aged over 18. The details of the other trustees should be inserted in Box C where provided. Each of the Policyholder and the other trustees should also sign this box where provided before an independent witness (that is, someone who has mental capacity, is not related to any party and is aged over 18). The witness should then fill in his/her name and address details before signing where provided. Liverpool Victoria Life Company Limited, Pynes Hill House, Rydon Lane, Exeter EX2 5SP TRUST REQUEST I assurance and if the application is accepted by you I authorise and direct you: refer to my accompanying application for (a) (b) to endorse such policy ( Policy ) by detaching the following Declaration and attaching the same thereto. to insert the number of the Policy and to complete by dating them the Declaration of Trust and Appointment of Additional Trustees contained therein. Date Signature of the Applicant

3 Endorsement to Policy No. Declaration of Trust with Power of Appointment I ('the Policyholder') declare that the Policy is effected by me to constitute myself and the additional trustees specified in the appointment overleaf the Trustees of the Policy and to hold the same upon trust for the benefit of myself and all or such one or more of the individuals identified in Box A. A receipt signed by the Trustees for any money payable under the Policy shall be a good and sufficient discharge to Liverpool Victoria Life Company Limited which shall not be concerned as to the application thereof and the receipt shall constitute conclusive evidence that all claims and demands whatsoever against Liverpool Victoria Life Company Limited arising under the Policy have been fully satisfied. The Policy is issued to the Policyholder as a trustee upon the trusts hereinafter declared and in accordance with the Policyholder's Trust Request. BOX A Beneficiaries in whose favour the Trustees may appoint See Note 1 and Provision No 2 of the Trust Provisions before completing this Box A Any person referred to in Box B below. BOX B Beneficiaries in default of appointment See Note 1 and Provision no 3 of the Trust Provisions before completing this Box B Date (do not date) in the presence of: Signed as a Deed by the Policyholder

4 BOX C Appointment of Additional Trustees See note 2 before completing this Box C I, THE POLICYHOLDER HEREBY APPOINT: 1. Full Name 2. Full Name (hereinafter called 'the additional Trustees') to act as Trustees together with me of Policy No. issued by you, and HEREBY ASSIGN such Policy to the additional Trustees and myself jointly and HEREBY GIVE YOU NOTICE of the assignment of the same. WE the additional Trustees accept the said appointment. Date (do not date) Signed as a Deed by the Policyholder In the presence of Signed as a Deed by (name of additional Trustee) Signature of additional Trustee In the presence of Signed as a Deed by (name of additional Trustee) Signature of additional Trustee In the presence of The Definitions are detailed overleaf The Trust Provisions are

5 Trust Provisions 1. In this Trust: (i) (ii) 'Policyholder' means the person declaring this trust. Reversion Date means the earlier of the date on which the Policyholder ceases to be a shareholder in the Company or have a share in the Partnership (as appropriate), or the Company is put into liquidation or becomes subject to an administration order or enters into a company voluntary arrangement or has an administrative receiver appointed in respect of it, or the Partnership is dissolved (as appropriate). (iii) 'Trustees' means the Policyholder and/or any other trustee for the time being of this trust, whether original, additional or substituted. (iv) 'Trust Fund' means the Policy and the proceeds thereof and any additional policies, investments or property for the time being representing the same and all income derived from there, whether accruing or otherwise, before or after any event on which the sum assured will become payable. 2. The Trustees hold the Trust Fund upon the trusts and subject to the powers and provisions set out below for the benefit of such of the beneficiaries specified in Box A as the Trustees (being at least two in number) shall by deed or deeds revocable or irrevocable appoint. Provided that: (i) (ii) no such appointment shall be made after the date the sum assured becomes payable in favour or for the benefit of a beneficiary who is also a trustee unless the Trustees include at least one person who is not a beneficiary. no appointment shall be made nor any power of revocation exercised on or after the second anniversary of the date when the sum assured becomes payable. 3. Until or in default of appointment or so far as such appointment does not extend or shall fail for any reason the Trustees shall hold the Trust Fund upon trust for the beneficiaries and in the proportions specified in Box B. Subject to any such appointment the beneficiaries in Box B shall have the absolute right to the income of the Trust Fund in such shares and Section 31 of the Trustee Act 1925 shall not apply. 4. Section 32 of the Trustee Act 1925 shall be deemed to apply as if the proviso (a) of sub-section (1) had been omitted. 5. The Trustees shall have all the powers of an absolute beneficial owner including (without limitation): (a) subject to the express conditions and the other provisions of the Policy to: (i) exercise any options and powers contained in the Policy (ii) convert the Policy into a fully paid-up policy free from payment of future premiums (iii) borrow on the security of the Policy (iv) sell, surrender, convert or otherwise deal with the Policy in such manner as they shall think fit (b) to invest or vary the investment of any money requiring to be invested in the purchase of or the effecting or keeping up of any policy or policies of insurance including life assurance policies or on deposit with any institution authorised under the Banking Act 1987 or in the purchase of or at interest on the security of any property, real or personal, at any policyholder s discretion in all respects as if he/she were beneficially entitled thereto absolutely (c) to accept as a good and sufficient discharge a receipt given by a parent or guardian of any minor beneficiary in respect of any income or capital paid to or applied for the benefit of such beneficiary. 6. The Policyholder has the power to appoint new trustees as Trustees, whether additional or substituted trustees until such time as the sum assured becomes payable. 7. Any trustee (other than the Policyholder or any spouse of the Policyholder) being a solicitor or other person engaged in any profession or business may charge and be paid all usual professional and other charges for business transacted, time spent and acts done by him or her or his or her firm in connection with this trust, including acts which a trustee not being in any profession or business could have done personally. 8. Notwithstanding any other provision of this trust, the Trust Fund shall, with effect from the Reversion Date (if applicable), revert to the Policyholder absolutely. 9. It is hereby certified that this instrument falls within category N of the Schedule to the Stamp Duty (Exempt Instruments) Regulations This trust shall be governed and construed in accordance with the laws of England and Wales. 11. The Trustees may by deed or deeds supplemental to this trust amend or add to their administrative powers under the trust. 12. Neither the Trustees nor any one of them shall be liable for any loss to the trust fund arising by reason of the failure, depreciation or loss of any investment made in good faith or any mistake or omission made in good faith or by reason of any other matter except wilful fraud or dishonesty on the part of the trustee who is sought to be made liable. 13. Any of the Trustees may retain any benefit to which he or she is entitled from the Trust Fund and may join in the exercise of any powers under this trust even if to do so will or may result in a personal benefit.

6 Liverpool Victoria Life Company Ltd Regulated by the FSA Pynes Hill House, Rydon Lane, Exeter EX2 5SP, United Kingdom Registered office: County Gates, Bournemouth BH1 2NF Registered no: England P2094/23611/11/02

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