Protection for scheme trustees, the company and the plan itself.
Although often unpaid, trustees are expected to understand and keep up to date with the laws and investment principles of their schemes. They must challenge their advisors and employers when they need to. Failure can result in fines or other penalties against them and the company.
Pension trustee liability insurance is designed to meet defence costs, awards, damages, and investigation costs of anyone like trustees, secretaries or administrators involved in running the pension scheme who are accused of mistakes or oversights in their duties.
Pension trustee liability insurance also provides cover for the company and its pension plan. That’s because while in theory the trustee may be personally liable, in practice the risk is often carried by the employer or the pension plan by indemnities and exoneration clauses.
This cover is suitable for any company operating an occupational pension plan.
This material is for the purposes of information only. Full coverage details will be available in the policy documentation.
For additional information please contact us.