Compare Funerals Purpose Trust

What is the Compare Funerals Purpose Trust?

The Compare Funerals Purpose Trust (“the Trust”) is the independent trust fund for Spanish Funeral plan providers: Compare Funerals Limited & Compare Funerals SL (“the Company”).

This means that all funds received into the Trust are safeguarded for future funeral plan provisions in accordance with each funeral plan contract.

The Trust is independent of the Company, and the assets of the Trust are legally separate. The Trust is managed by an experienced and majority independent board of trustees (“the Trust”). The Trust is authorised & regulated by the ‘’Guernsey Financial Services commission’’.

The Company has appointed the Trust as professional trustees so that its obligations to fulfil the terms of each funeral plan contract are satisfied with the utmost professionalism and integrity.

The Company is committed to ensuring that each funeral is conducted by following each funeral plan to the satisfaction of the plan holder’s family and friends. By providing details of the Trust and how it operates on this website, the Company hopes that plan holders and prospective plan holders will be well-informed and confident in selecting the Company as a funeral plan provider.

What is a funeral plan?

A funeral plan is a pre-payment towards the cost of a funeral. Payments for funeral plans can either be made as a lump sum or in instalments. Funeral plans are usually trust-based or life insurance based.

The main advantages of having a funeral plan are usually to avoid increases in funeral fees by locking in funeral fee prices at current rates and to save family and friends from having to deal with the ordeal of arranging a funeral whilst also grieving. The Company’s plans are trust-based, which means that the Company has appointed the Trust as professional trustees to receive the sums paid for each funeral plan and to safeguard those funds in accordance with the written Trust Deed until the need arises to pay for the funeral. The Company’s funeral plans are subject to specific terms and conditions, which should be read and understood in all cases.

How does the Trust operate?

The trustees aim to provide specialised and efficient trustee services, administration, payment and custodian services to all relevant parties. The Company realises that for each funeral plan to be successfully administered there must be a partnership approach by all relevant stakeholders. The terms of the written Trust Deed primarily govern the relationship between the Company and the Trustees. The trustees will receive and administer payments under each funeral plan contract in compliance with the written Trust Deed.

The trustees will safeguard the trust assets and pay the nominated funeral director upon the plan holder’s death to ensure that the funeral is completed in accordance with the plan holder’s wishes.

Are the Trust funds safe?

The trustees seek to ensure that all funds received by the Trust are banked into a designated trust account and invested under professional guidance in established investments to ensure that sufficient funds are available for each funeral in the future. The trustees have a set investment strategy which involves the investment of funds primarily in historically reliable and non-volatile asset classes such as fixed-interest securities.

The trustees are required to appoint a regulated investment manager to manage the assets of the Trust, auditors to audit the assets and liabilities of the Trust annually, and actuaries to report on the value of the Trust. This process is designed to ensure that the Trust has sufficient funds to pay funeral plan contracts as and when they become due. Details of our board of trustees and the professional advisers appointed to date are available by request.

Procedure upon death

Your family member or representative must contact the 24-hour helpline on the plan certificate. We will then contact the Nominated Funeral Director. Upon commencing proceedings, our team will be notified by the Nominated Funeral Director and, having carried out the necessary security checks and confirmed that there is no balance outstanding on the account, will be able to arrange the funeral as set out in your terms and conditions. If there is any outstanding balance, the family will have a choice; Clear the remaining balance, or we will refund what has been paid minus the cancellation fee.

For further information regarding the Trust, please contact Compare funerals.