Liability Insurance for pension trustees

Liability insurance for pensions trustees

As a pension trustee, we understand you are responsible for ensuring the pension scheme is run appropriately, following the trust deeds and rules.

This responsibility puts you at risk of being held accountable should the scheme suffer financial loss associated with negligent or insufficient administration. Pension trustee liability insurance will protect you against financial loss. Cover can also include any compensation payable and the cost of any legal fees you incur defending yourself.

Here at Marsh Commercial, we can arrange cover that gives you and your business peace of mind. We'll give you:

  • Confidence
    We know you're dedicated to delivering specialist services. You can be confident that we're committed to working with leading insurers on your behalf. We'll arrange appropriate cover – on competitive terms.
  • Expertise
    Our team have a wealth of knowledge in arranging commercial insurance for professionals. We take time to understand your business to ensure that the protection you have in place is suitable for the risks you face.
  • Service
    We're here for you when you need us – from providing tailored advice to walking you through the claims process. So, while you focus on supporting your clients, we're here to protect you, making insurance one less thing for you to worry about.

How our team of experts can help you

We take time to understand the risks you face as a pension trustee and advise how to manage them.

Get in touch with our team today. We're here to make sure you have the right pension trustee liability insurance in place to protect you.

What cover does pension trustee liability insurance offer?

Working with reputable insurers and a national firm of solicitors highly regarded for specialising in pension law, we designed our pension trustee liability insurance in response to changes in legislation and an increasing trend towards litigation.

We tailor our pension trustee liability insurance around the needs of sponsoring employers, corporate trustees, pension schemes, and individuals. Cover also extends to include trustees' spouses, heirs, and estates.

You'll have peace of mind should you be held responsible for the scheme's financial loss. You may also receive advanced funds to cover defence costs and provide cover for settlement of an action.

Your policy will include exclusive cover and automatic extensions, as well as:

  • 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
  • no 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.

Cyber insurance

Cyber-crime is now more frequent and sophisticated than ever. Cyber liability insurance can help protect against the risk of an attack on your business.

Office insurance

Having the right office insurance is essential to protect you against damage to your office premises or equipment, minimising the interruption to your business that could lead to loss of income.

Management liability portfolio

Also known as Directors and Officers (D&O) insurance, this covers you personally for defence costs incurred during a claim and awards made against you.

Frequently asked questions

What is professional indemnity insurance?
If you're found responsible for causing financial loss to your client due to error or omission in the services you have provided, professional indemnity (PI) cover protects against legal costs and expenses involved in defending a claim, as well as compensation payable.
Who needs professional indemnity insurance?
For some professions, regulatory bodies make it compulsory to have PI cover in place to carry out their work. Other professionals must have PI as part of a contractual obligation, whilst many choose this cover because of the protection and security it provides if their advice or service delivered fails to meet a client's expectations.
What does professional indemnity insurance cover?
This depends entirely on the policy. You'll need to ensure that it provides adequate cover for your business's professional service and the risks you may face.
How much is professional indemnity insurance?
The cost of PI insurance varies depending on different factors, such as the level of cover you need, the number of people you employ, your annual turnover and the risks associated with your business activities.

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