Group Protection Master Trust

The Master Trust has received approval from the Revenue Commissioners and is registered with the Pensions Authority. Similar to the process for Pension Master Trusts, an employer needs to complete an application form. Additionally, they must fill out a Participation Agreement, which integrates the employer’s arrangement into the overall Trust.

A Participation Agreement enables immediate commencement.

They need to complete an Application Form with the usual category and benefit details along with a Participation Agreement. There is no requirement for a company seal or wet signatures as all the forms can be completed via DocuSign.

Once the fully completed application form and Participation Agreement has been received, new business documentation can be issued straight away and cover can immediately commence.

The Application Form and Participation Agreement available on Avivabroker.ie are editable and can be completed using DocuSign. We will also accept “wet” signatures. This streamlines the process and reduces follow-up time.

No. The Master Trust is now the default Aviva option for new business.  We will no longer draw up individual specific trusts for separate schemes. (Existing Trusts with Aviva are unaffected)

Yes. If your client has their Death-In-Service arrangements already written under its own trust, they just need to tell us and we will write the arrangement under that trust.

Aviva have established a special Designated Activity Company to act as sole Corporate Trustee. All the new Participating Sections will have their arrangements managed by this Corporate Trustee.

No. There is no additional charge to participate in the Master Trust.

No. As this is a “Death-Benefit Only” arrangement, IORPS II requirements do not apply. However, in appointing the Master Trust Corporate Trustee, Aviva has applied the standards of the Pensions Authority Code of Practice for Trustees of Occupational Pension Schemes

Feedback from our brokers and clients indicates a strong desire to streamline the administration of Group Protection business, similar to the simplification seen in Corporate Business with the introduction of Pension Master Trusts. We are confident that this innovation will significantly enhance the on-boarding process for new business.

No. The product remains unchanged in all other respects.

No. Group Income Protection schemes are not written under trust, so these changes do not affect them.

Talk to your Aviva Account Manager, who will be happy to talk through this innovation in greater detail.

Yes, at your next rate review. But unlike corporate pensions business, the IORPS II requirements do not apply to Death-Benefit Only schemes so there is no financial or governance imperative to do so.