Protects administrators involved in running a pension scheme
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.
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. Therefore, pension trustee liability insurance also provides cover for the company and its pension plan.
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.
This site only contains an overview of the most important coverages and exclusions. Only the general and specific conditions (“Insurance Policy”) provide an accurate, binding, description of the covers and exclusions.
It is necessary to fully analyse the Insurance Policy, as well as all other relevant documents with contractual and pre-contractual information before any decision to buy, underwrite, adhere to, accept, sign or conclude an insurance agreement.
Here you will find information about how to request a quote with detail of premium calculation, the general and specific conditions, and/or other relevant documents with contractual or pre-contractual information, the duration of the insurance policy, the applicable law and jurisdiction, how to file a complaint or reach the ombudsman, etc.