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There are good reasons to consider Pension Trust Liability insurance from AIG

Trustee responsibilities

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.

Company protection

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.   

Trustee protection

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.

Who is it for?

  1. The Organization for Financing Pensions (OFP)
  2. The sponsoring undertaking
  3. Any legal entity or natural person in his or her capacity as:
    -  Member of the Board of Directors of the OFP;
    -  Member of the General Meeting of the OFP;
    -  Member of the Operational Bodies of the OFP;
    -  Member of the Social Committees of the OFP.
  4. Any natural person in his or her capacity as:
    -  An employee of the OFP;
    -  A director or officer of a sponsoring undertaking;
    -  An employee of a sponsoring undertaking;
    -  A special commissioner appointed by the FSMA;
    -  A legal representative – natural person – of an Insured entity;
    -  Any spouse, legally recognised domestic partner, heirs, estates or legal representatives.

What is covered?

Cover guaranties

  • Civil liability
  • Personal information protection
  • Inquiry cost cover
  • Crisis management
  • Spouse and heirs


Covered damages

  • Defence costs
  • Damages following a legal decision or negotiated arrangement
  • Costs and expenses (inquiry costs, crisis management)



  • New pension schemes
  • New sponsor companies
  • Automatic discovery period

Main Exclusions

  • Civil or penal fines and penalties
  • Intentional errors
  • Known facts and circumstances and prior claims
  • Claims reported or continued in USA/Canada
  • Insufficient financing of a financial deficit of the OFP, due to insufficient financing to the OFP according to the provisions in the pension plan, or finances to the OFP that are not or not timely paid or collected. This exclusion is not applicable to insured persons.

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.

Important Information

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.