Pension Trustee
Liability
Trustees are faced with a greater number of statutory duties
brought into force by the Pensions Act 1995. A duty of care was
subsequently imposed on trustees under the Trustee Act 2000. More
recently the Pensions Act 2004 introduces a number of changes to
the duties and obligations of trustees including a new statutory
requirement for ‘knowledge and understanding’.
Trustees who breach their duties or responsibilities may place
their personal assets at risk should they be found to be personally
liable for any loss experienced as a result of their actions.
Trustees may also incur criminal penalties through acting
improperly or fraudulently or civil penalties by contravening
statutory requirements.
Pension Trustee Liability Insurance
With such a lot at stake Pension Trustee Liability insurance should
be considered. Tysers can offer a range Pension Trustee Liability
policies covering the areas of responsibility owed by trustees and
the potential risks they face. We regularly review the insurance
market to ensure the cover we negotiate continues to respond to the
risks faced in the changing pensions environment.
It is vital to buy the right levels of cover for trustees when
litigation is an ever present threat. We aim to provide a policy
that gives cost effective protection for the assets of individual
trustees, the pension scheme, the sponsoring employer and their
employees.
Special Features
Include
- Breach of trust, duty or statutory
provision
- Maladministration, negligence or
administrative errors
- Wrongful omissions, or misstatements
- Loss arising from damage loss or
destruction of pension scheme documents for which the trustees are
responsible
This policy can provide financial protection
for:
- Public relations expenses
- Civil fines and penalties, where
insurable
- Court application costs
- Emergency costs
- Third party pursuit extension
To obtain a quotation for PTL insurance
cover, simply download the form on the right hand side of the page,
complete and return to us by fax, post or email.
Please also feel free to contact us, for a confidential discussion,
even if your policy is not yet due for renewal. Contact Us