Life assurance trustee services
Meet our life assurance specialists
Death in service benefit decisions can be complicated and personally difficult to make, especially if you’ve dealt with very few cases before. Appointing us as an independent trustee to your group life assurance scheme or using our group life master trust relieves that burden and responsibility. Many employers use a life cover only trust to provide death in service benefits to employees, particularly those with workplace pensions like a group personal pension (GPP).
Our group life professional trustee service overcomes the pitfalls, ensuring:
- the correct steps are taken at the correct time
- the right questions are asked of the right people
- all relevant information is collected swiftly and accurately
- sensitive liaison with the individuals’ relatives
- promptly and professionally handled claims administration
Vidett life assurance master trust
Our master trust solution helps employers navigate a safe and cost effective path through death in service benefit claims, delivering the best result for both employers and employees. The benefits of using our group life master trust include:
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- peace of mind difficult death in service benefit decisions are being handled by an experienced, independent professional
- certainty your claims management process follows best practice guidelines
- confidence rational & unconflicted decisions are being made
- assurance your HR team are not weighed down with time-consuming administrative tasks
Vidett excepted life assurance master trust
Excepted life schemes are a good way to provide death in service benefits for employees affected by the historic pension lifetime allowance. However, they need to be handled correctly, so you don’t face tax charges and complaints. That’s where we can help:
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- save tax for an employee’s beneficiaries
- ensure compliance & avoid periodic tax charges & exit tax charges – important now many excepted life schemes are reaching their 10 year anniversary
- manage the risk of making improper decisions
- remove the need to re-establish your excepted life assurance trust every time you change insurer
Trusteeship for your life trust
We can act as the trustee for an existing, or new, group life or excepted life trust. This applies to an employer who has set out their own trust or an organisation which has set up a master trust. The benefits of appointing Vidett as the trustee include:
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- the process being managed by a specialist team experienced in dealing with
sensitive and complex cases - death benefit beneficiary decisions being made by experienced, independent, professional trustees familiar with their fiduciary duties
- access to vast trustee experience and knowledge
- reduced risk that governance
matters relating to the trust will not be picked up
This case represents a clear example of where things can go wrong if the correct procedure is not followed and trustees rely solely on the wishes expressed in a member’s expression of wish form.
