REVERT TO SETTLOR TRUST (CREATING DISCRETIONARY TRUSTS) DECLARATION (for use with the Regular Savings Plan only)
Please refer to the notes in the margin when completing this form. Boxes A F should be completed clearly and correctly as described. Any amendments or correction of errors made before the deed is signed should be initialled by you and the additional trustees. Once completed, the Revert to Settlor Trust declaration should be signed by the settlor and the additional trustees in the spaces provided on the last page. Note that the settlor (or each settlor) should sign once only. Signatures should be witnessed by an independent person who should sign and then print his or her full name and address. In Box A, insert the date the last person signs the trust for example, 01/06/2018. This date must not be earlier than the Regular Savings Plan commencement date (or the latest commencement date, if more than one plan). The settlor is the person who is creating the trust. You should insert your full name and address in Box B. It is possible to make a joint declaration and, in this case, both names should be inserted in Box B. BOX A DATE OF REVERT TO SETTLOR TRUST Date (DD MM YYYY) BOX B SETTLOR Full name Address In Box C, insert the full names and addresses of the persons who have agreed to act with you as trustees. As settlor, you are automatically a trustee and do not need to repeat your details here. We recommend that you appoint at least one additional trustee. Where more than two additional trustees are required, these should be appointed by separate deed after the Revert to Settlor Trust is established. Full details of all of the additional trustees are required for prevention of money laundering purposes. BOX C ADDITIONAL TRUSTEES First additional trustee Full name Address Country of residence (if different or not UK) Nationality Occupation Second additional trustee Full name Address Country of residence (if different or not UK) Nationality Occupation 2
The beneficiaries will benefit from the trust at the discretion of the trustees in the event of your death prior to the maturity date of your Regular Savings Plan. The beneficial class is widely drawn. However, if you wish a particular person or category of person not included in the existing list (other than yourself) to be capable of benefiting from the trust fund, the additional category or the full name of the additional person should be inserted in the space available. If, at the end of the trust period, any part of the trust capital has neither reverted to you nor been appointed to a discretionary beneficiary, any remaining balance will be distributed amongst your surviving descendants and, if none, amongst the surviving members of the beneficial class. BOX D BENEFICIARIES i) the spouse widow widower civil partner or surviving civil partner of the settlor (but only in the case where the trust is made by one person alone) ii) the children and remoter descendants of the settlor (including any adopted children illegitimate or legitimised children and step-children) iii) the spouses widows widowers civil partners and surviving civil partners of the settlor s children and remoter descendants iv) any person (other than the settlor) descended from the mother or father of the settlor v) such other objects or persons or classes of persons as are added under clause 6.8 vi) The protector is the person who oversees some of the activities of the trustees (such as the power to appoint capital to a beneficiary). The protector also has power to appoint and remove trustees. Insert the name and address of the person who is to be the first protector in Box E. You will usually want to be the first protector. There is provision in the trust document for successor protectors to be nominated or appointed. If you are a married couple/civil partners making a joint declaration and wish to act jointly as protector, you should insert your full names and addresses and then add the words jointly during our joint lifetime and the survivor of us for the lifetime of the survivor. BOX E PROTECTOR Full name Address To place an existing Regular Savings Plan in trust, you should insert the plan number in Box F for example AB00123. BOX F PLAN DETAILS Regular Savings Plan number (Insert plan number of existing plan(s)) 3
THIS ASSIGNMENT AND/OR DECLARATION OF TRUST is made on the date shown in Box A above BETWEEN the Settlor described in Box B above and the Settlor and the Additional Trustees described in Box C above. NOW THIS DEED WITNESSES as follows: DEFINITIONS 1. In this trust form: 1.1 the settlor means the person or persons named in Box B above 1.2 the trustees means the settlor and the person or persons named in Box C above and/or the other trustee or trustees for the time being of these trusts 1.3 the beneficiaries means the persons objects or classes of persons or objects specified in Box D above 1.4 the policy means the life insurance policy or bond (and if more than one each policy or bond) described in Box F above 1.5 the trust fund means: 1.5.1 all the benefits rights and interests of the trustees under and in the policy and all moneys assured by or payable under it 1.5.2 all property at any time added to this trust whether by way of further assignment to the trustees or retention of income and capital accretion or otherwise and 1.5.3 all moneys investments and property for the time being representing the same or any part or parts thereof 1.6 the protector means the person named in Box E above and/or the other protector for the time being of these trusts 1.7 corporate trustee means a trust corporation or other company authorised to undertake trust business 1.8 the trust period means the period of 125 years following the date shown in Box A (which period shall be the perpetuity period applicable to these trusts) or such shorter period as the trustees may at any time by deed or deeds appoint 1.9 the relevant date means the maturity date as defined in the Policy schedule (and for the avoidance of doubt where any option to defer the maturity date is exercised the relevant date shall mean the new maturity date) DECLARATION OF TRUST AND/OR ASSIGNMENT OF POLICY TO THE TRUSTEES 2. The Settlor requests Scottish Widows to issue the policy to the Trustees to be held by them subject to the terms of the trust set out below or, where the Policy has already been issued to the settlor, the Settlor hereby assigns the Policy to the Trustees to be held by them on the said terms GOVERNING LAW 3. The trusts declared below shall be governed by the laws of England and Wales and the construction effects and administration of these trusts shall be subject to the jurisdiction of and in accordance with English law TRUST PROVISIONS 4. Subject to clause 5 below and the proviso at the end of this clause 4, the capital and income of the trust fund shall be held upon the following trusts: 4.1 For the benefit of such one or more of the beneficiaries exclusive of the other or others of them in such shares or proportions if more than one and with and subject to such powers and provisions for their respective maintenance education or other benefit or for the accumulation of income for any period expiring before the end of the trust period (including administrative powers and provisions and discretionary trusts and powers to be executed or exercised by any person or persons whether or not being or including the trustees or any of them) and in such manner generally as the trustees (being at least two in number or a corporate trustee and subject to the application (if any) of the rule against perpetuities and with the prior written consent of the protector (if any) and if required by this clause 4 but otherwise in their absolute discretion) may by any deed or deeds revocable during the trust period or irrevocable appoint PROVIDED ALWAYS that no exercise of this power shall invalidate any prior payment or application of all or any part or parts of the capital or income of the trust fund made under any other power or powers conferred by these trusts or by law 4
4.2 Until and subject to and in default of any such appointment the following provisions shall apply to the income of the trust fund during the trust period: 4.2.1 The trustees shall pay or apply the income of the trust fund to or for the benefit of all or such one or more of the beneficiaries exclusive of the other or others of them in such shares if more than one and in such manner generally as they shall see fit 4.2.2 Notwithstanding the provisions of sub-clause 4.2.1 above during the trust period the trustees may in their absolute discretion accumulate the income and shall hold any such accumulations as an accretion to capital 4.3 Notwithstanding the trusts powers and provisions declared and contained in this clause the trustees (being at least two in number or a corporate trustee) may with the prior written consent of the protector if any but otherwise in their absolute discretion: 4.3.1 pay or apply the whole or part of the capital of the trust fund to or for the benefit of all or such one or more of the beneficiaries in such shares if more than one and in such manner generally as they shall think fit 4.3.2 (subject to the application (if any) of the rule against perpetuities) pay or transfer any income or capital of the trust fund to the trustees of any other trust wherever established or existing under which all or any one or more of the beneficiaries is or are interested (whether or not all or such one or more of the beneficiaries is or are the only objects or persons interested or capable of benefiting under such other trust) if the trustees consider such payment or transfer to be for the benefit of all or such one or more of the beneficiaries 4.4 Subject as above at the end of the trust period the trustees shall hold the trust fund absolutely for such of the descendants of the settlor as are living at the end of the trust period and if more than one in equal shares and if none shall be living for such of the beneficiaries as are then living and if more than one in equal shares and if none shall be living for the last of them to die PROVIDED ALWAYS that if a cash sum becomes payable under the policy as a result of a critical illness, a critical condition, a specified disability, a serious illness or a terminal illness (all as defined in the Policy) then the interests of the Beneficiaries in the Trust Fund shall cease and the Trustees shall hold the cash sum and the income of it for the Settlor absolutely, and if more than one, in equal shares. SETTLOR S OVERRIDING ENTITLEMENT TO MATURITY BENEFITS 5. Notwithstanding the trusts contained in clause 4 above, if the Settlor, or either of the Settlors, shall survive until the Relevant Date, then the interests of all the Beneficiaries shall cease and the trustees shall hold the Trust Fund as to both income and capital for the Settlor, or the surviving Settlor, absolutely TRUSTEES POWERS 6. The trustees shall have the following additional powers: 6.1 to invest in policies of life insurance or any other kind of investment (heritable or moveable real or personal including wasting assets and whether income-producing or not) in any part of the world as if they were absolute owners beneficially entitled (and without any need to diversify investments) 6.2 to vary manage and deal with investments from time to time in their absolute discretion with power to dispose of or enter into any arrangement with respect to any of their rights as holders of the policy or any other insurance policy or other asset as if they were absolute owners beneficially entitled and in particular (but without limiting the foregoing) in the case of the policy or any other insurance policy to exercise any of the options and powers conferred by it and to encash surrender sell convert or otherwise dispose of it or any part of it or any of their rights as holders of it as they may in their discretion think fit 6.3 to borrow or raise moneys for any purposes of these trusts (including investment) on such terms as the trustees in their absolute discretion think fit 6.4 to lend any capital moneys to any beneficiary either free of interest or on such terms relating to interest and to repayment and either with or without security as the trustees in their absolute discretion think fit 6.5 to accept as a good and sufficient discharge 6.5.1 a receipt given by any parent or guardian of any beneficiary who has not attained the age of legal capacity in respect of capital or income payable to or for the benefit of such beneficiary and 6.5.2 the receipt of the treasurer or other proper officer in respect of capital or income payable to a beneficiary which is a charity 6.6 to delegate in any way and to any extent to any persons or corporations (including a trustee) wherever situate or resident the exercise of any of the powers of the investment or management of the property for the time being forming part of the trust fund and to allow any such property to be registered in the name of or to be held by any person firm or corporation as nominee for the trustees and to hold any investments in certificated or uncertificated form 5
6.7 to appropriate property subject to the trusts hereto to any of the beneficiaries in or towards the satisfaction of his or her interest in the trust fund 6.8 to add to the beneficiaries by deed or deeds made at any time or times before the expiry of the trust period such one or more objects or persons or classes of persons other than the settlor as the trustees with the written consent of the protector (if any) may determine 6.9 to declare by deed or deeds at any time or times before the expiry of the trust period that a beneficiary shall be wholly or partially excluded from future benefit under the trusts herein declared PROVIDED THAT: 6.9.1 any such power shall not be capable of being exercised so as to derogate from any interest to which any object or person or class of persons has previously become indefeasibly entitled whether in possession or in reversion or otherwise 6.9.2 such power shall only be exercisable with the prior written consent of the protector (if any) 6.10 to acquire property jointly with another person (including a person anywhere in the world and including a trustee) and to merge property subject to the trusts herein declared with other property 6.11 to improve any property subject to the trusts hereto as the trustees think fit and to refrain from repaying capital expenses out of income 6.12 to carry on a trade in any part of the world either alone or in partnership 6.13 to carry on the administration of these trusts in any part of the world as the trustees think fit 6.14 to pledge mortgage charge or grant security over any property subject to the trusts herein declared either as security for any liability the trustees may incur or to secure any money borrowed or to be borrowed by any of the beneficiaries entitled (or capable on the exercise of any power or discretion of becoming entitled) to any of the income which is or might be produced by the property in question 6.15 to refrain from enquiring into the conduct and management of any company in which they are interested (unless they are aware of circumstances which would require enquiry) and to refrain from procuring distribution from any company in which they are interested 6.16 at any time or times during the trust period by deed or deeds to revoke or vary any of the administrative provisions of these trusts or to add any further administrative provisions as the trustees may consider expedient for the purposes of these trusts CONFLICTS OF INTEREST 7.1 ANY transaction by the trustees which is authorised by these trusts or by the general law may take place even though one or more of them acts in a dual capacity but only if there is at the time at least one of them who does not act in a dual capacity and who is satisfied that its terms are fair and for the purpose of this sub-clause 6.1 a person acts in a dual capacity if he or she is an individual who takes part in a transaction both in his or her capacity as one of the trustees and in a personal capacity or takes part in his or her capacity as one of the trustees in a transaction which involves a company of which he or she is a director or shareholder or a partnership of which he or she is a member 7.2 ANY transaction by the trustees which is authorised by these trusts or by the general law may take place even though one or more of them acts in a dual capacity and for the purposes of this sub-clause 6.2 a person acts in a dual capacity if he or she takes part in a transaction both as one of the trustees and in another fiduciary capacity as a trustee of another trust or settlement or as someone s personal representative or executor 7.3 Subject to the above or as otherwise expressly provided any trustee may join or concur in exercising any power or discretion hereby or by law given to the trustees even though he or she may have a direct personal or other interest in the mode or result of exercising the power or discretion APPORTIONMENT 8.1 Income shall be treated as arising when it is received and shall not be apportioned and the Apportionment Act 1870 and any other enactment or rule of law about apportionment shall not apply 8.2 Expenditure shall be treated as arising when payable 6
TRUSTEES LIABILITY 9. No trustee shall be liable for any loss or damage to the capital or income of the trust fund which arises through his exercise in good faith of any power given by these trusts or by the general law and none who acts gratuitously shall be liable for any such loss or damage unless it arises through an act or omission of his own which amounts to conscious wrongdoing TRUSTEES CHARGING CLAUSES 10.1 Any corporate trustee shall be entitled in addition to reimbursement of its proper expenses to remuneration for its services in accordance with its published terms and conditions for trust business in force from time to time 10.2 Any trustee acting as a trustee in a professional or business capacity other than the settlor shall be entitled to charge and be paid all usual professional or other charges for business done services rendered or time spent by him or her or his or her firm in the administration of these trusts including acts which a trustee not engaged in any profession or business could have done personally PROTECTOR 11.1 The protector for the time being shall have power in writing to nominate his or her successor or successors and any nomination may be expressed to be effective immediately or at the death of the protector or at any other date or event and any such nomination shall be revocable until it takes effect 11.2 Where there is no protector or none able or willing to act the trustees may in writing appoint a protector or protectors and pending such appointment the trustees may exercise their powers hereunder without obtaining the consent of the protector where that is required 11.3 Where there is a protector but he or she fails to respond to a request from the trustees within 30 days then the trustees may take silence to indicate consent and act accordingly APPOINTMENT OF NEW OR ADDITIONAL TRUSTEES 12.1 The power to appoint new or additional trustees shall be vested in the protector (if any) and if none in the settlor during his or her lifetime or if joint settlors in them jointly during their joint lifetime and in the survivor of them for the lifetime of the survivor 12.2 A person may be appointed as a trustee even if neither resident nor domiciled nor carrying on business nor incorporated in the United Kingdom 12.3 The power of appointing additional trustees shall not be exercisable only because a trustee remains out of the United Kingdom for more than 12 months REMOVAL OF TRUSTEES 13. The protector shall have power to dismiss any trustee by giving 30 days notice in writing to such trustee as long as there shall be at least one corporate or two individual trustees remaining PAYMENT ON INSTRUCTION OF TRUSTEES 14. The receipt of the trustees or any person or persons or organisation nominated in writing by the trustees jointly for the purpose of receiving payment of any monies shall be a discharge to the person making the payment for the payment of such monies and that person shall thereafter be under no obligation or duty to be concerned with the application of such monies EXCLUSION OF SETTLOR 15.1 No discretion or power by these trusts or by law conferred on the trustees or any other person shall be exercised and no provision of these trusts shall operate directly or indirectly so as to cause or permit any part of the trust fund or the income thereof to be lent to or in any way paid or payable to or applied or applicable for the benefit of the settlor in any way in any circumstances whatsoever 15.2 The prohibition in this clause shall apply notwithstanding anything else contained or implied in these trusts TRUSTS OF LAND AND APPOINTMENT OF TRUSTEES ACT 16. Section 11 of the Trusts of Land and Appointment of Trustees Act 1996 shall not apply to these trusts 7
SIGNED and DELIVERED AS A DEED by the said Settlor s name Settlor s signature in the presence of Witness name Witness signature Witness address SIGNED and DELIVERED AS A DEED by the said Settlor s name Settlor s signature in the presence of Witness name Witness signature Witness address SIGNED and DELIVERED AS A DEED by the said Trustee s name Trustee s signature in the presence of Witness name Witness signature Witness address 8
SIGNED and DELIVERED AS A DEED by the said Trustee s name Trustee s signature in the presence of Witness name Witness signature Witness address DISCLAIMER This document is produced by Scottish Widows as a standard form for use with its Regular Savings Plan only. It is a document with legal significance which may affect the rights, obligations and tax position of the settlor and beneficiaries. You should not sign this form unless you understand its effects and are satisfied that it achieves your objectives. Your attention is drawn particularly to clause 9 which exempts the trustees from liability in some circumstances. Scottish Widows strongly recommends that independent professional advice is sought if there are any doubts about the form or its consequences. Scottish Widows Limited. Registered in England and Wales No. 3196171. Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 181655. SW58105 06/18