Does the policy have to be set up in a trust?
Yes. GLA policies are designed to pay benefit to discretionary trusts. The trust would then
distribute benefit on to beneficiaries:
- whilst protecting the benefit from 3rd parties
- without having to wait for probate
- without Inheritance Tax liability on the benefit
Do I have to set up the trust myself or can i partake in an existing
An employer can set up their own trust or choose to use the insurer’s master trust.
What’s the difference between a ‘Registered’ and an ‘Excepted’ scheme?
Registered group life policies are set up under pension legislation, meaning lump sum benefits
from life insurance get aggregated with those from other registered pension schemes and tested
against the Lifetime Allowance (LTA). Any amount above LTA may be subject to tax.
Excepted group life policies are subject to life insurance legislation, not pensions legislation
and are not tested against the LTA. However, the benefit is subject to the normal tax rules for
discretionary trusts, meaning periodic charges and exit fees may apply, though usually no more
than 5% max.
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