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Deed of Retirement of Trustee

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					Deed of Retirement of Trustee

What this form is for This form should be used where a trustee wishes to retire from his or her duties as a trustee, and can only be used as long as the Settlor(s) continues as a trustee. Guidance notes – please read the following notes carefully as you are responsible for ensuring that this form is completed correctly. Important • There may be a requirement to have two trustees (or a trust corporation) to continue to administer the trust once the retiring trustee has given up their duties. There may also be a requirement that at least one of the continuing trustees is not the Settlor(s), or the current spouse (or registered civil partner) of the Settlor(s). There may be restrictions on a trustee’s ability to retire. Please check your trust deed to see if any of the above are applicable – if necessary, please contact us for a copy of the appropriate form.) This deed is not suitable if a sole trustee is retiring. All existing trustees must be named in this deed, and all parties named in this deed must sign it. Their signatures must be witnessed by an independent witness. The parties to the deed, or any of their relatives, should not be a witness. Also, a beneficiary should not be a witness. However, the same independent person may witness all signatures. Whilst every attempt has been made to ensure the accuracy of this deed, Scottish Widows can accept no liability for the legal effect of this deed and if you are uncertain as to its suitability, independent legal advice should be obtained. Scottish Widows can accept no liability for the tax, financial or other consequences of the decision of the continuing trustees to accept the retirement of the retiring trustee. Once you have completed the details, please send this form to: Scottish Widows plc 15 Dalkeith Road Edinburgh EH16 5BU.

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1. Deed of Retirement of Trustee
Please enter the date all named parties have signed this form.

This Deed of Retirement of Trustee is made on (ddmmyyyy) between
(“the Retiring Trustee”)

Please give the full name of the retiring trustee. Please give the full names of the trustees who are continuing. (There may need to be at least two trustees (or a trust corporation) who are continuing. If there will be less than two, please complete a Deed of Appointment and Retirement of Trustees instead of this form).

and
(1st continuing trustee)

Date of birth (ddmmyyyy) and
(2nd continuing trustee, if any)

Date of birth (ddmmyyyy) and
(3rd continuing trustee, if any)

Date of birth (ddmmyyyy)
(“the Continuing Trustees” which expression shall mean the one or more persons named above as appropriate)

2. Background
Please give the names of whoever created the original trust (i.e. the Settlor(s)) and the date of the trust.

2.1

This deed is supplemental to the declaration of Trust dated (ddmmyyyy) (“the Trust”) made by
(the 1st Settlor)

and
(the 2nd Settlor, if any)

Please note that this deed of retirement affects all the assets of the Trust and not just the policy(ies).

2.2

The Trust includes in the Trust Fund (as defined in the Trust) the following Scottish Widows plc or Scottish Widows Annuities Ltd policy(ies): Policy number(s) Policy Type

Please give the policy number(s) and type of policy (eg term assurance) which are subject to the trust.

2.3

The Continuing Trustees and the Retiring Trustee are trustees of the Trust.

2.4 The Retiring Trustee wishes to retire and be discharged from the Trust.

2. Background (continued)
2.5 The Continuing Trustees wish to continue as trustees of the Trust. 2.6 The “Appointor” is the person or persons among the Continuing Trustees who has the power under the Trust of appointing additional trustees and the Appointor wishes to release and discharge the Retiring Trustee from his trusteeship of the Trust.

3. Operative provisions
If the retiring trustee was appointed a trustee by a deed of appointment, please give the names of everyone who signed that deed and its date. If this is not applicable, please delete the part in square brackets and ensure all signatories to this deed initial any deletion in the right hand margin. A retiring trustee’s interest in any policy passes automatically to the continuing trustees under the terms of this deed. If the trust holds assets other than policies, it may be necessary to give notice of this deed to any third party holding the funds, and to enter into further documentation to transfer them legally to the continuing trustees.

The parties to this deed declare as follows: 3.1 I, the Retiring Trustee, do hereby declare my wish to be discharged and to retire from the office of trustee under the Trust

[to which office of trustee, I was assumed by deed of appointment granted by

(ddmmyyyy) (delete if inapplicable)

]

3.2

We, the Continuing Trustees and the Appointor, do hereby consent to the foregoing discharge and retirement of the Retiring Trustee and to the vesting of the Trust Fund in the Continuing Trustees alone.

4. Signatures
IMPORTANT All trustees, including the retiring trustee, must sign the deed and have their signatures witnessed by an independent witness (not a relative or another signatory to the deed, or a beneficiary). One person may witness all the signatures if convenient but this is not necessary.

This and the preceding page are signed as a deed and delivered by: Name of Retiring Trustee Retiring Trustee’s signature

in the presence of: Name of witness Witness’ signature

Home address of witness

Postcode Name of 1st Continuing Trustee 1st Continuing Trustee’s signature

in the presence of: Name of witness Witness’ signature

Home address of witness

Postcode

4. Signatures (Cont’d)
Name of 2nd Continuing Trustee
(if any)

2nd Continuing Trustee’s signature

in the presence of: Name of witness Witness’ signature

Home address of witness

Postcode Name of 3rd Continuing Trustee
(if any)

3rd Continuing Trustee’s signature

in the presence of: Name of witness Witness’ signature

Home address of witness

Postcode

As part of the Lloyds Banking Group, Scottish Widows is proud to be an Official Provider of the London 2012 Olympic and Paralympic Games. Scottish Widows plc. Registered in Scotland No. 199549. Registered Office in the United Kingdom at 69 Morrison Street, Edinburgh EH3 8YF. Telephone: 0131 655 6000. Scottish Widows plc is authorised and regulated by the Financial Services Authority. Our FSA Register number is 191517. 41449 03/09


				
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Description: Deed of Retirement of Trustee