Pensions Trustees Insurance

What is Pensions Trustees Insurance?

The protection you can obtain from a Pension Trustee Liability policy is very important to the trustees of a scheme/s and in the case of a pension trust and the pension trustee, although the risks and exposures to the liabilities are high, the duties of the pension trustees are pretty standard across the market. The appointed trustees to a pension trust are professional trustees and have experience in the field they are administrating their duties, which in it self may help reduce the risk of potential liabilities when running the pension fund.

The trustee liability policy can offer a solid and flexible range o covers, such as:

• Breach of Trust
• Breach of Duties
• Breach of Statutory Provisions
• It could cover past, present and new Trustees
• Employers Servicing a Pension Scheme
• Wrongful Acts
• Negligence
• Administration Errors and Bad Administration
• Incorrect Statements or Misleading ones
• Cover for Defence Costs
• Cover for Damages Awarded Against you
• Cover for Awards and Legal Costs
• Cover for Losses to the Pension Scheme, if the Trustee has been exonerated.

There are three main areas of concern for the Trustees, these are:

• What are the types of exposures a trustee may face?
• What cover can be put into place to protect the trustees ad the schemes they have been appointed to look after.
• Trustees who breach their duties responsibilities may place their personal assets at risk or in some circumstances they could expose themselves to civil or even criminal penalties.

The types of cover offered to Pension Trustees are:

• The cost for ‘Onwards’ by the pension ombudsman
• Cover for all companies plans including newly acquired companies
• Libel and Slander Claims
• Cover in connection with disputes and legal action cases between insured parties
• Cover for fact finding investigation
• Cover for advancement of defence costs
• Pollution defence costs
• Run Off Covers
• Cover for corporate trustee companies whether they are a subsidiary or independent
• Long discovery periods for retired individuals, should the employer company do not renew their pension’s trustee liability cover?

PIA compares the market on your behalf to provide you with the best small business insurance quotes from the UK's leading commercial insurance companies.

If you have any questions, please call us on +44 (0) 1323 648000