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Risk Assurance Management Limited (RAM) operates Master Trusts for both Registered & Excepted Group Life schemes.
The Trustees are Pi Consulting Limited, a specialist firm of Trustees who are part of the Pi Partnership Group. All of their services are delivered by a highly experienced team of Trustees.
Further information is available on their website:
https://www.pipartnershipgroup.co.uk/pi-consulting/
The Trusts have been drafted to meet the needs of the vast majority of our clients. However, the Trust Rules are generic & cannot be adjusted for an individual employer’s specific requirements. Employers should seek appropriate legal advice as to the suitability of the Master Trusts.
You can find the Trust Deed and Rules here.
It is important to note that the Master Trusts are not portable. If the policy with RAM is cancelled, participation in the Master Trust ceases immediately.
Please contact us as soon as possible in the event of a claim. We will require a completed Claim Form, the Original Death Certificate or Coroner's Certificate, Evidence of Salary (if applicable), Personal Circumstances Questionnaire, a copy of the Expression of Wishes form and a copy of the Will (if available).
RAM will assess the claim in line with the Policy and its applicable Conditions and Definitions. If the claim is accepted, it is then the sole responsibility of the Trustees to decide to whom the proceeds of the claim should be paid. RAM are not involved in the decision as to whom receives the benefit of the claim, this decision is entirely down to the Trustees.
It is the sole discretion of the Trustees to adjudicate how the proceeds of the claim are disbursed. It is important to note that whilst an Expression of Wishes form will have some influence on their decision, it is not a legally binding document. One of the factors which will determine the strength of the Expression of Wishes form is how recently it was completed. Therefore, we would recommend that all members complete Expression of Wishes forms on joining a scheme & importantly, review these on a periodic basis as their personal circumstances may change.
This is a form which a member of a Group Life scheme completes with their wish as to how the proceeds of any claim should be distributed. They may nominate 100% of the benefit to an individual person or it may be distributed to a number of people. It is important to note that whilst the Trustees will take note of the form, the forms themselves are not legally binding, because the Trust under group life schemes must be discretionary. It is the sole responsibility of the Trustees to decide to whom the proceeds of the claim should be paid.
We strongly recommend that all members covered by a Group Life policy complete an Expression of Wishes form and review them periodically as circumstances may change.
We do not need sight of any Expression of Wishes form other than in the unfortunate event of a claim.
A blank Expression of Wishes form is available here.
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