Pension Trustee Liability Insurance
Why do you need pension trustee liability insurance?
The responsibility of a pension trustee is to ensure the pension scheme is run appropriately, acting in line with the trust deed and rules. With this responsibility comes a number of risks: failure to fulfil statutory obligations, failure to comply with legal requirements, negligence, breach of duty, breach of trust, administrative errors, wrongful omission or misleading statements.
If you are held to account for financial loss associated with negligent or insufficient administration of a pension scheme or are found liable for compensation payable to the claimant and any legal costs incurred defending the claim, pension trustee liability insurance will offer valuable protection.
At Marsh Commercial, we also offer risk management advice to help mitigate the day-to-day risks you face in your professions, whilst our dedicated in-house claims team can guide you through the claims process step by step, helping to get the right resolution.
What can pension trustee liability insurance do for you?
Our pension trustee liability insurance is tailored to meet the needs of sponsoring employers, corporate trustees, pension schemes, and individuals. Cover also extends to include trustees' spouses, heirs, and estates.
Working in partnership with a leading insurer and a national firm of solicitors known for their specialism in pension law, our pension trustee liability insurance has been designed in response to new legislation and an increasing trend towards litigation.
Transferring the risk for trustees, it offers peace of mind and could provide advanced funds to cover defence costs, in addition to providing cover for settlement of an action.
Our experienced team will deliver a clear and concise policy, with exclusive cover and automatic extensions. You can also benefit from:
- Availability of run-off insurance for schemes that are winding up or ceasing to exist.
- Automatic retired insured person coverage, available for up to six years.
- Automatic loss of documents coverage, from a minimum sub-limit of £250,000.
- Automatic theft extension, from a minimum sub-limit of £250,000.
- Nil excess, subject to criteria.
- 24-hour tax and legal advice, and health, medical and counselling helplines.
- Experienced solicitors appointed to deal with claims.
- Availability of discovery periods when policy ended.