Bypass Trust PSBT

Transcription

1 Bypass Trust Important PSBT This trust is only suitable if you the Settlor, your Trustees and all of your Beneficiaries are resident in the UK and intend to remain resident in the UK. If you and they are not all resident in the UK at any time, there could be additional tax consequences. Many different factors determine whether a person is resident in the UK so you should speak to your adviser if you are unsure about this. Please ensure that you have: completed Parts A to F considered the restricted liability of the Trustees in clause 7 consulted your legal, tax or financial adviser before signing this deed signed on page 6 and also that all Trustees have signed on page 6 Part A Date of Trust This trust is made on the day of 20 Please insert the date that the last person signed page 6. By Part B My Details (Settlor) Title (Mr/Mrs/Miss/Ms/Other eg Dr/Rev) First name(s) Please insert your full name and address. National Insurance Number Date of birth (DD/MM/YYYY) The Settlor will be automatically appointed as a trustee of this trust unless the following box is marked with the initials of the Settlor Standard Life has drafted this trust deed with due care and attention to reflect the law at October It cannot accept any responsibility for loss, damage or other claim which may arise from the use of this trust or the way in which you complete it. Standard Life cannot perform the function of a legal or tax adviser or guarantee that this trust will meet all of your specific requirements. You are strongly recommended to consult your own legal or tax adviser. Bypass Trust 01/06

2 Part C Additional Trustees Please insert full names and addresses. There should be at least one Additional Trustee. If the Settlor is a Trustee, details from Part B should not be repeated in Part C. Trustees must be 18 years of age or over. If any Trustee is non-uk resident, please consult your adviser. Part D Additional Beneficiaries Please insert full names and addresses of any person or persons you are including as a Beneficiary and who are not already included in the list of Beneficiaries set out in clause 1.1(a) (i) below. You may choose not to include anybody in this category or you may choose any number of Additional Beneficiaries. Do not include the Settlor or his or her spouse or civil partner as an Additional Beneficiary. Part E Initial Trust Property The postage stamp affixed to this trust deed. Please affix an unused first class postage stamp in Part E Initial Trust Property. Part F Choice of Law Scots law is to apply to this trust Northern Irish law is to apply to this trust The trust will be governed by English law unless you initial one of these boxes to choose Scots or Northern Irish law. 02/06 Bypass Trust

3 The Settlor wishes to gift the Trust Fund to the Trustees to hold on the trusts and subject to the powers and provisions set out in this trust deed. Now this deed witnesses as follows: 1. Definitions 1.1 In this trust deed: Accumulation Period means a) where English law or Northern Irish law applies to this trust, the Trust Period; or b) where Scots law applies to this trust, the period of twenty-one years from the death of the Settlor. Additional Beneficiary means the person or persons named or described in Part D (other than the Settlor or the Settlor s spouse for the time being). Additional Trustee means the person or persons named in Part C. Beneficiary means a) any widow or widower of the Settlor whether or not remarried or in a civil partnership; b) any child or grandchild of the Settlor whenever born; c) anyone (other than the Settlor) descended from the father or mother of the Settlor; d) anyone who is or has been the spouse of anyone described in classes (b) or (c) above; e) after the death of the Settlor, anyone who is entitled to inherit all or any part of the Settlor s estate if the Settlor died intestate or under the Settlor s will; f) any Additional Beneficiary; g) any person (other than the Settlor or the Settlor s spouse for the time being), association, society or other institution notified in writing by the Settlor during his lifetime to the Trustees; h) any Charity notified in writing by the Settlor during his lifetime to the Trustees; and i) with the consent of the Settlor during his lifetime and whilst he has capacity, or otherwise with the consent of two of the Beneficiaries, any trust under which any one or more of the foregoing Beneficiaries may benefit but always excluding any trust from which the Settlor or the Settlor s spouse for the time being will or may directly or indirectly benefit during the lifetime of the Settlor in any circumstances whatsoever. Charity means any corporation or trust or other institution established for charitable purposes in accordance with the governing law of this trust. Initial Trust Property means the property in Part E. Minor means a person under the age of 18 years or, if domiciled in Scotland, under the age of 16 years. Settlor means the person named in Part B. Trustees means the Settlor, unless the relevant box is initialled in Part B, and the Additional Trustees named in Part C and any other trustees for the time being of this trust. Trust Fund means the Initial Trust Property and all property transferred to the Trustees by any person or persons which is at any time held by the Trustees whether by way of accumulation of income, capital appreciation, further settlement or otherwise and all monies, investments, income and other property for the time being representing or arising from the whole or any part of the same. Trust Period means the period of 125 years (80 years when Northern Irish law applies to this trust) beginning with the Date of Trust in Part A or the lifetime of this trust when Scots law is applicable except that in all cases when property is added to this trust from another settlement then the trust period in respect of the added property shall be such period as is the perpetuity period applicable to that settlement if that last mentioned period is shorter. 1.2 Words describing relationships include adopted and step children and those tracing their descent through them. 1.3 Words importing the singular shall include the plural and vice versa. Words importing a gender include every gender. 1.4 Spouse includes a civil partner registered under the Civil Partnership Act 2004 and husband, wife, widow and widower shall be construed accordingly. 1.5 Settlement includes any pension scheme or plan of which the Settlor is a member. 1.6 Incapable shall be construed in accordance with the provisions of the Adults with Incapacity (Scotland) Act Bypass Trust 03/06

4 2. The Gift The Settlor gifts the Initial Trust Property to the Trustees and the Trustees by their signature to this trust deed acknowledge receipt of the Initial Trust Property. 3. The Trust By signing this trust deed, the Trustees accept appointment as trustees and agree that they will hold the Trust Fund on the trusts and subject to the powers and provisions set out in this trust deed. 4. The Trust Provisions 4.1 During the Trust Period, the Trustees may appoint that they shall hold the Trust Fund for the benefit of any of the Beneficiaries on such terms as the Trustees think fit. 4.2 An appointment may create any provisions including discretionary trusts and dispositive and administrative powers exercisable by the Trustees or any other person. An appointment shall be made by deed and may be revocable during the Trust Period or irrevocable. 4.3 During the Trust Period, the Trustees may pay, transfer or apply any part or all of the Trust Fund to or for the advancement or benefit of any Beneficiary. 4.4 Subject to the exercise of the powers in clauses 4.1 to 4.3, the Trustees may accumulate the whole or part of the income of the Trust Fund during the Accumulation Period, which income shall be added to the Trust Fund. The Trustees shall pay or apply the remainder of the income to or for the benefit of any Beneficiaries as the Trustees think fit during the Trust Period. 5. Ultimate Trusts Subject to the other provisions of this trust deed, the Trust Fund shall be held upon trust for the children of the Settlor who are alive at the Date of Trust in Part A, and if more than one, in equal shares, failing which for such Charity as shall be determined by the Trustees. 6. Trustees Powers In addition to any other powers conferred on the Trustees by this trust deed, the Trustees shall have the widest possible powers of administration and management of the Trust Fund as if they were absolute owners of the Trust Fund and beneficially entitled to it. In particular, and without prejudice to the foregoing: 6.1 The Trustees may (with due regard to any required investment criteria and subject to obtaining advice, if required by law) make any kind of investment they could make if they were absolute beneficial owners (and in particular (i) may invest in and retain non income producing assets situated anywhere in the world and (ii) need not have regard to any rule of law requiring them to consider diversifying the investments). 6.2 The Trustees may make any disposition that they could make if they were absolute beneficial owners. 6.3 The Trustees may lend all or any part of the Trust Fund to any Beneficiary on such terms (whether or not including provision for the payment of interest and with or without security) as the Trustees in their absolute discretion think fit. 6.4 The Trustees may borrow on the security of all or any part of the Trust Fund or without giving any security and on such terms as to interest as the Trustees in their absolute discretion think fit. 6.5 The Trustees may pay or transfer capital or income to the parent or guardian of any Minor who is beneficially entitled to it and the receipt of such parent or guardian shall be a full discharge to the Trustees. 6.6 The receipt of the treasurer or other proper officer in respect of capital or income paid other than to an individual shall be a full discharge to the Trustees. 04/06 Bypass Trust

5 6.7 The Trustees may apply all or part of the Trust Fund in purchasing or maintaining any policy of assurance on the life of any person and shall have all the powers of an absolute beneficial owner in relation to any such policy. 6.8 The receipt of the Trustees for any money payable under or deriving from any dealing with any policy of life assurance shall be a full and sufficient discharge to the company issuing such policy, which company shall not be concerned in the application of any such monies. 6.9 In so far as the governing law of this trust permits, the Trustees may delegate in any way the exercise of any of the powers of investment and management of the Trust Fund and may employ agents, discretionary investment managers, nominees and custodians on such terms as the Trustees in their absolute discretion think fit The Trustees may appropriate all or any part of the Trust Fund as they think fit in or towards satisfaction of the interest of any Beneficiary and may for that purpose place such value on any property as they think fit Any Trustee (other than the Settlor or any spouse for the time being of the Settlor) who is a solicitor or other person engaged in a profession or business or any corporate trustee may charge all usual reasonable professional charges in relation to work carried out in connection with this trust and shall have the power to resign from office as a Trustee No Trustee shall be precluded from joining in the exercise of any of the powers conferred upon them notwithstanding that he will or may benefit from such exercise or by reason of the fact that he is or may become a Beneficiary provided that at least one other Trustee who takes no benefit who also agrees to the exercise in favour of the benefitting Trustee The Trustees may by deed (and so as to bind their successors) release or restrict the future exercise of all or any of the powers conferred on them by this trust deed or by law Any legal rule requiring apportionments to be made for the purpose of this trust is excluded and shall not apply. 7. Trustee Liability No Trustee shall be liable for any loss to the Trust Fund or part of the Trust Fund at any time unless that loss is caused by his own knowing breach of trust. 8. Excluded Persons 8.1 During the lifetime of the Settlor, no part of the capital or income of the Trust Fund shall be capable of being paid or lent or applied to or for the direct or indirect benefit of the Settlor or any spouse for the time being of the Settlor in any circumstances whatsoever. 8.2 After the death of the Settlor, no part of the capital or income of the Trust Fund shall be capable of being paid, lent or applied to or for the direct or indirect benefit of the Settlor s executors or administrators or of being paid, lent or applied in such a way as to form part of the Settlor s estate. 8.3 The prohibitions in this clause 8 shall apply notwithstanding anything else contained in or implied by the provisions of this trust deed. 9. The Settlor s power to appoint and remove Trustees and to exclude Beneficiaries 9.1 Subject to clause 9.2 the Settlor shall have power to appoint new and additional trustees and to remove any trustee as long as there shall be at least one corporate trustee or two individual trustees acting after such removal and the Settlor may, by notifying the Trustees in writing, exclude any Beneficiary (but not all Beneficiaries) from future benefit under this trust. 9.2 After the Settlor s death or if he becomes Incapable, the Settlor s powers in clause 9.1 shall vest in the Trustees (excluding the Settlor) who may, by deed: (i) appoint new and additional trustees; (ii) remove any trustee with the agreement of all Trustees other than the one to be removed, as long as there shall be at least one corporate or two individual trustees acting after such removal; and (iii) exclude any Beneficiary (but not all Beneficiaries) from future benefit under this trust. Bypass Trust 05/06

6 10. Choice of law Subject to any choice of Scots or Northern Irish law in Part F, this trust shall be governed by English law. In witness whereof the parties have signed this deed on the day and year first above written In the presence of Signature of witness Witness full name Witness address In the presence of Signature of witness Signed and delivered as a deed by the Settlor Signature Full name Date* 1 Place* 2 Signed and delivered as a deed by the first Additional Trustee Signature * 1 Please add the date of signature. Once all parties have signed, the most recent date on which a person signs should be added to Part A on page 1. * 2 Please add the place where this trust deed was signed, e.g. Edinburgh. Please ensure that all of the above details have been correctly completed. Witnesses should be independent and not someone already named in the trust nor their spouse or civil partner. Witness full name Full name Witness address Date* 1 Place* 2 In the presence of Signature of witness Signed and delivered as a deed by the second Additional Trustee Signature Witness full name Full name Witness address Date* 1 Place* 2 In the presence of Signature of witness Signed and delivered as a deed by the third Additional Trustee Signature Witness full name Full name Witness address Date* 1 Place* 2 Standard Life Assurance Limited is registered in Scotland (SC286833) at Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH. Standard Life Assurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. PSBT Standard Life 06/06

7 Self Invested Personal Pension and Group Self Invested Personal Pension Instruction for payment of death benefits Who this form is for You should complete this form to let Standard Life know how you would like your death benefits to be paid. Instructions in relation to death benefits can have tax consequences. You should consult your legal and/or financial adviser if you are in any doubt as to the tax implications of your instructions, how to complete this form and/or what instructions to provide. How death benefits are taxed Death benefits from pension plans are not normally liable to inheritance tax. If you die before age 75, your beneficiaries will not normally have to pay income tax on any benefits they receive. However, if your total benefits exceed the lifetime allowance a tax charge may be payable. If you die on or after age 75, then benefits paid will normally be subject to income tax. For further information on tax charges please read our guide to death benefits SLSIPP11 or Information about tax relief, limits and your pension GEN658. Tax rules and legislation can change. Any information given is based on our understanding of law and current HM Revenue & Customs practice as at May The information provided here should not be regarded as financial advice. If you are unsure you should speak to a financial adviser. There s likely to be a cost for this. Filling in this form If you are receiving advice from a financial adviser you should remember that the financial adviser is acting on your behalf not only by giving you advice, but also regarding completion of this form. Please use BLOCK CAPITALS to fill in this form and any additional instructions you give us. Do not use correction fluid if you make a mistake. If you need to correct a mistake, please initial any changes you make. SLSIP If you have an Active Money Personal Pension or a Group Flexible Retirement Plan, you should complete form PPP36 instead. Further information is contained in our guide to death benefits (SLSIP11). If you need help completing this form, please speak to your financial adviser. If this form cannot capture your requirements, please attach separate signed written instructions to this form and send the form to us. However, if you wish a lump sum death benefit to be paid to your Standard Life Bypass Trust, you must complete Part 3b of this form. Please make sure you provide us with your SIPP reference number which begins with a D. We do not need your Wrap reference number which begins with WP. Part 1 Your personal details National Insurance No. Title (Mr/Mrs/Miss/Ms/ Other eg Dr/Rev) Plan Number D Date of birth (DD/MM/YYYY) First name(s) House number May 2015 Page 01 of 08

8 Self Invested Personal Pension and Group Self Invested Personal Pension SLSIP36 Part 2 How to complete this form If you die with money still invested in your Self Invested Personal Pension Scheme, the remaining fund can be paid out to provide death benefits to your beneficiaries. Are your instructions binding? Normally, any instruction you give us in Part 3 about who to pay the death benefit to is only an expression of wish and is not binding. This means that Standard Life Assurance Limited, as administrator of the scheme, will decide who should receive the death benefit, taking into account all relevant matters, including your expression of wish. But if you name the Standard Life Bypass Trust in Part 3b, you can make that instruction binding on Standard Life by ticking the Yes box in question 2 of Part 3b on page 6. This doesn t stop you from changing your instructions in the future. Options for a beneficiary Once Standard Life has chosen a beneficiary (or beneficiaries) they can choose how to take benefits from their share of your pension plan. Possible options are Take a lump sum Take an annuity Withdraw an income, and if they wish, buy an annuity later. Depending on the option chosen the beneficiary may need to transfer their share of your plan to another product or provider. For further information on the options available please read our guide to death benefits SLSIPP11. Part 3 Payment of death benefits Please give details of anyone you would like to receive benefits when you die. If you wish to name one or more individuals, complete Part 3a If you wish to name a trust, complete Part 3b If you wish to name a charity, complete Part 3c If you name more than one person, trust or charity, please indicate the percentage of the lump sum you wish each to receive. If you wish to name more recipients than this form has space for, please photocopy this page, complete the relevant details and then attach it to this form. Page 02 of 08 May 2015

9 Self Invested Personal Pension and Group Self Invested Personal Pension SLSIP36 Part 3a The person(s) you wish to leave your death benefits to Title (Mr/Mrs/Miss/Ms/ Other eg Dr/Rev) First name(s) Date of birth (DD/MM/YYYY) House number Relationship to you Death Benefits % Please ensure that the amount of death benefits you allocate totals 100%. Title (Mr/Mrs/Miss/Ms/ Other eg Dr/Rev) First name(s) Date of birth (DD/MM/YYYY) House number Relationship to you Please ensure that the amount of death benefits you allocate totals 100%. Death Benefits % May 2015 Page 03 of 08

10 Self Invested Personal Pension and Group Self Invested Personal Pension SLSIP36 Part 3a The person(s) you wish to leave your death benefits to Title (Mr/Mrs/Miss/Ms/ Other eg Dr/Rev) First name(s) Date of birth (DD/MM/YYYY) House number Relationship to you Death Benefits % Please ensure that the amount of death benefits you allocate totals 100%. Title (Mr/Mrs/Miss/Ms/ Other eg Dr/Rev) First name(s) Date of birth (DD/MM/YYYY) House number Relationship to you Please ensure that the amount of death benefits you allocate totals 100%. Death Benefits % Page 04 of 08 May 2015

11 Self Invested Personal Pension and Group Self Invested Personal Pension Part 3b Trust of Trust (if any) Date of Trust (DD/MM/YYYY) First d Trustee (if you are a Trustee, include your details here) Title (Mr/Mrs/Miss/Ms/ Other eg Dr/Rev) First name(s) House number. Amount % SLSIP36 All the percentages in Parts 3a to 3c must add up to 100%. Please insert the names of the first 2 trustees of the trust in the order they appear in the Trust document for the trust you wish to receive the lump sum death benefits. If you are one of the first two named trustees, please remember to complete your details here too. Second d Trustee Title (Mr/Mrs/Miss/Ms/ Other eg Dr/Rev) If you have named the Standard Life Bypass Trust in Part 3b, please also answer the questions at the bottom of page 6. First name(s) House number May 2015 Page 05 of 08

12 Self Invested Personal Pension and Group Self Invested Personal Pension SLSIP36 Part 3b Trust (Continued) Complete if the trust has a corporate trustee Company/ Limited Liability Partnership (LLP) name Company/ LLP Registration number (if applicable) Company address Building number Telephone s of Authorised Signatories of corporate trustee We only need the names of the Authorised Signatories if your trust has a corporate trustee. Making a binding direction 1. Is the trust you ve named your Standard Life Bypass Trust? Yes No If Yes, answer question 2. If No, go to Part 3c if you wish to name a Charity to receive a lump sum (or go straight to Part 4 if you do not wish to nominate a Charity). 2. Do you want your instruction in Part 3b to be binding on Standard Life? Yes No If Yes, Standard Life must pay the percentage of the lump sum death benefit given in Part 3b to the Standard Life Bypass Trust named in Part 3b. But you can still change your instructions in the future. If No, Standard Life will take account of your wishes and consider your Standard Life Bypass Trust as a potential beneficiary. If you are considering leaving the UK and becoming tax resident in another country, you should speak to your adviser about the tax effect of a binding revocable direction. Page 06 of 08 May 2015

13 Self Invested Personal Pension and Group Self Invested Personal Pension Part 3c Charity Charity House number Amount %. SLSIP36 All the percentages in Parts 3a to 3c must add up to 100%. Registered Number Part 3d Further information on your wishes Please give any extra information you think will help us better understand who you would like to benefit from your pension on your death. Examples 1. Before awarding any death benefits please liaise with my named beneficiaries (and/or their advisers) to establish how best to use any remaining funds to meet their needs tax efficiently. The benefit allocations given above are purely indicative (apart from the binding nomination to a trust). 2. My primary concern is that my spouse is adequately provided for from my pension on my death. After this, any remaining pension pot should be awarded to my other beneficiaries named above. To this end, in the event of my death, please liaise with my named beneficiaries to establish their needs and the best way of meeting them. Although Standard Life will take your wishes into consideration, including any information you give here, we must consider all your circumstances before deciding who to pay the death benefits to. This form does not bind Standard Life, apart from any binding nomination you make to a Standard Life Bypass Trust. May 2015 Page 07 of 08

14 Self Invested Personal Pension and Group Self Invested Personal Pension SLSIP36 Part 3d Further information on your wishes (cont.) Part 4 Declaration This form replaces any previous instruction for payment of death benefits completed by me in respect of my benefits under the Standard Life Self Invested Personal Pension Scheme. Signature Date (DD/MM/YYYY) What happens next? Keep a copy of this form for your files. Send this form to: For Individual and WRAP SIPPs: SIPP Customer Centre Standard Life Assurance Limited Dundas House 20 Brandon Edinburgh EH3 5PP For Group SIPPs: Corporate Pensions Standard Life Assurance Limited Dundas House 20 Brandon Edinburgh EH3 5PP Signature required. If you have named a trust in Part 3b, the trust must exist before you sign this form. If you would like to change your instructions, you can obtain a new form by calling Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges will vary. Standard Life Assurance Limited registered in Scotland (SC286833) is the provider and scheme administrator of the Standard Life Self Invested Personal Pension Scheme, and Standard Life Trustee Company Limited, registered in Scotland (SC076046) is the trustee. The registered office of each company is at Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH. Standard Life Assurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. SLSIP Standard Life Page 08 of 08 May 2015