DATA CAPTURE FORM FOR TRUST FORMS SUBMITTED ONLINE

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1 For advisers only DATA CAPTURE FORM FOR TRUST FORMS SUBMITTED ONLINE Important notes Please read these notes before completing the data capture form You should use this data capture form to collect the names, addresses and contact details of the person setting up the trust together with the names, addresses and contact details of the trustees being appointed. It is designed to be used only with Royal London protection specimen trust deeds. Please do not use this capture form for any other trust deed. Please note you will not be able to part-complete an online submission and revisit it at a later time. Upon completion of the initial input of information, the trust form must be electronically signed by each party identified in the trust form. Your client must sign the trust form before a witness. The witness must be independent, over 18 (16 in Scotland) and not be a relative of the person whose signature is being witnessed. The witness must be present when your client signs the trust form. If they aren t, the trust may not be valid. It s your client s responsibility to ensure the process is followed. Royal London will not check that the trust has been correctly completed and signed and cannot accept any liability that may arise if this process is not followed. We will require a valid address and a mobile phone number for each of the parties for verification reasons. The Trustee or Trustees should be comfortable that they understand and accept what they need to do before signing the form. Professional advice should be sought if necessary. The trust forms which can be submitted to us using electronic signatures are: Business Trust Relevant Life Policy trust and nomination form Split Trust - Discretionary Split Trust ( jointly owned plans survivor to benefit) - Discretionary Gift Trust - Discretionary The data capture form doesn t form part of the trust form. The trust will be populated with the information submitted by you on your client s behalf. Please do not send this data capture form to us. No responsibility can be taken by Royal London or any company within the Royal London group of companies and your client should seek separate legal and taxation advice before signing the trust form and during the life of the trust. Protection About this form Section 1 Who is creating the trust Section 2 Trustees Section 3 Plan number Section 4 Relevant Life Policy trust: the person covered Section 5 Beneficiaries: RLP trust, Business trust and personal trusts Section 6 Business trust Section 7 Relevant Life Policy nomination form Section 8 Contact details Page 1 of 10

2 1 Who is creating the trust The Donor Note: The Donor is the person creating the Trust. As the plan owner your client will be the Donor. You should insert his or her full name, including middle names, and address. If the plan has two owners, then both are Donors. Their full names, including middle names, and address, should be inserted. Donor 1/Settlor Donor 2 If you are collecting information about a Relevant Life Policy trust, the following information is necessary: Principal Employer You will need to complete the details of the employer taking out the plan. You will need to know what type of business it is, for example, whether it is a limited company, limited liability partnership, a partnership, a sole trader or a charity. Please insert the registered name, the name of the company, the registered number and the principal address of the business. If the employer taking out the plan is a Sole Trader, you will need to complete the name the business is trading as, in addition to the place of business. For Limited Company, Limited Liability Partnership, Partnership or Charity, the following information is necessary: Registered number Whose principal place of business is at: Page 2 of 10

3 1 Who is creating the trust continued For Sole Trader, complete the following: Trading as Whose principal place of business is at: Principal Employer signature If the Principal Employer is not an individual, you will need to insert the name of the person who is signing on behalf of the Principal Employer (the authorised signatory) and the capacity in which they are signing (for example, Director). *authorised signatory name *authorised signatory capacity Principal Employer 2 Trustees The Trustees The Trustees are the legal owners of the Trust Fund. The Trust Fund will be the plan initially and it will be held in trust for the benefit of the discretionary beneficiaries. The Donor is automatically a trustee. There must be at least one additional trustee and their details must be entered below. The Donor may appoint up to four additional trustees. It is recommended that the Donor appoints at least two additional trustees at the outset as an additional trustee will be required if the death of the Donor results in there being only one trustee remaining. If the Donor and the single additional trustee die before the plan is paid, and there are no other additional trustees, probate or confirmation will be required before payment can be made in the event of a successful claim. After the Donor s death all of the trustees will normally be required to sign the discharge form issued by us. Additional Trustees Note: Please complete the full names, including middle names, of the Additional Trustees. The Donor must appoint at least one Additional Trustee but a minimum of two is recommended. For authentication, we will require his or her valid address and a mobile phone number. *If any of the trustees is a corporate trustee please complete the authorised signatory s name and capacity. If you are submitting a Relevant Life Policy trust, please see below. Relevant Life Policy trust trustees Complete the full names, including middle names, of the Trustee(s). You must appoint at least two Trustees, unless a corporate body is a Trustee. We recommend that at least three Trustees are always appointed. Please tick this box if the Principal Employer is not to be appointed a Trustee Page 3 of 10

4 2 Trustees continued For all trusts, please complete the following information: Additional Trustee 1 Date of birth D D M M Y Y Y Y *authorised signatory name *authorised signatory capacity Additional Trustee 2 Date of birth D D M M Y Y Y Y *authorised signatory name *authorised signatory capacity Additional Trustee 3 Page 4 of 10

5 2 Trustees continued Date of birth D D M M Y Y Y Y *authorised signatory name *authorised signatory capacity Additional Trustee 4 Date of birth D D M M Y Y Y Y *authorised signatory name *authorised signatory capacity Page 5 of 10

6 3 Plan number The Plan The Plan will be the initial trust property, known as the trust fund. Since the plan is to be transferred into trust, details of the application for the plan or the plan itself should be given in the boxes below. Note: All business and relevant life plans must be transferred into trust at outset to avoid a potential tax liability. For all new applications, please make sure you ve submitted the application to us before completing the trust form so that you have the final plan number(s). Please insert the plan number or numbers below. a) The plan or plans numbered in the boxes below effected by the Donor Note: Please insert the number of the plan or plans to be made subject to trust if known. OR If you don t know the plan number, insert the date of the application. The date of the application is the date the online application was submitted to us or the date the paper application form was completed. b) The plan or plans to be issued by Royal London under an application dated D D M M Y Y Y Y 4 Relevant Life Policy trust: the person covered If you are completing information about the Relevant Life Policy trust, you will need to complete details about the person whose life is assured under the Relevant Life Policy. Member You will need to complete the full name, including any middle name, and address of the employee on whose life the Plan has been taken out. Page 6 of 10

7 5 Beneficiaries The beneficiaries The beneficiaries are the people who the Donor/Settlor wants to benefit from the policy proceeds in the trust fund. The beneficiaries will be different depending on the type of trust the plan owner is setting up. Is this data capture form in respect of a Relevant Life Policy trust? If Yes, please go to Relevant Life Policy trust beneficiaries. Is this data capture form in respect of a Business trust? If Yes, please go to Business trust beneficiaries. Is this data capture form in respect of a Personal Menu Plan or Whole of Life plan trust? If Yes, please go to Personal Menu or Whole of Life plan Beneficiaries. Relevant Life Policy trust beneficiaries The Discretionary beneficiaries The discretionary beneficiaries are: I. the Member. II. the children and remoter issue of the Member (whenever born) including children and remoter issue by adoption. III. any spouse or civil partner or former spouse or civil partner of anyone within (II) above. IV. any person at any time the spouse or civil partner of the Member or the widow or widower or surviving civil partner of the Member. V. any person nominated in writing to the Trustees by the Member. VI. VII. This is the list of beneficiaries the Trustees may appoint all, or any part of, The Trust Fund to. Business trust beneficiaries The Beneficiaries The following beneficiaries are listed on the business trust form: I. The Settlor. II. The present partners in the Business and all persons who shall at any time in the future be partners in the Business or in any partnership carrying on as successor to the Business. III. The present members in the Business and all persons who shall at any time in the future be members in the Business or in any limited liability partnership carrying on as successor to the Business. IV. The present owners of Ordinary Shares in the Business and all persons who shall at any time in the future be owners of Ordinary Shares in the Business or in any company carrying on as successor to the Business. The people in the discretionary beneficiaries list do not yet have any enforceable rights as Discretionary Beneficiaries. They are persons who MAY later be given a share of the Trust Fund, if the Trustees so decide. Personal Menu Plan or Whole of Life plan trust beneficiaries The Beneficiaries This is the list of beneficiaries the Trustees may appoint all, or any part of, the Trust Fund that is being gifted to. Because the Trustees have the power to decide who can benefit from the trust fund based on names provided by the donor or the type of beneficiary listed, these beneficiaries are known as discretionary beneficiaries. The Donor is an excluded person and is not a discretionary beneficiary. The discretionary beneficiaries are: I. The children and remoter issue of the Donor (whenever born) including children and remoter issue by adoption. II. III. Any spouse or civil partner or former spouse or civil partner of anyone within (I) above. Any person at any time the spouse or civil partner of the Donor or the widow or widower or surviving civil partner of the Donor. IV. Any person nominated in writing to the Trustees by the Donor provided that the Donor may not be the subject of any such nomination. V. VI. The list of discretionary beneficiaries allows you to include the name or names of those people your client wishes the benefits to go to who are not already specified in the list of discretionary beneficiaries. Page 7 of 10

8 6 Business trust Business name The Business Trust requires the name of the company, partnership or limited liability partnership, and registered number if applicable. Please insert the necessary information below: The Business means: or any other company or limited liability partnership or partnership carrying on business in succession to it. 7 Relevant Life Policy nomination form Relevant Life Policy nomination form The nomination form is to be completed after the trust has been completed and is used to tell the trustees who the employee would like the benefits from the Relevant Life Policy to go to. A percentage would only need to be specified if the employee would like the benefits to go to more than one beneficiary. The following information is necessary: Relationship with you (e.g. spouse or civil partner) Proportion of the total % Relationship with you (e.g. spouse or civil partner) Proportion of the total % There is some space provided for any additional information which may be relevant to the Trustees. Page 8 of 10

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10 8 Contact details The following information is necessary to send a notification to you when the trust is complete. Adviser name Adviser address Adviser mobile number Royal London 1 Thistle Street, Edinburgh EH2 1DG royallondon.com All literature about products that carry the Royal London brand is available in large print format on request to the Marketing Department at Royal London, 1 Thistle Street, Edinburgh EH2 1DG. All of our printed products are produced on stock which is from FSC certified forests. 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 It provides life assurance and pensions. Registered in England and Wales number Registered office: 55 Gracechurch Street, London, EC3V 0RL. Scottish Provident is a trading name of the Royal London Mutual Insurance Society Limited. Royal London Marketing Limited is authorised and regulated by the Financial Conduct Authority and introduces Royal London s customers to other insurance companies. The firm is on the Financial Services Register, registration number Registered in England and Wales number Registered office: 55 Gracechurch Street, London, EC3V 0RL. November 2016