Pension Trustee Indemnity Insurance

Pension trustee/s have many areas to concern themselves when considering their duties as an acting trustee.

• Statutory duties brought into operation after the Pension Act 1995.
• A further Act 2000 (Trustee Act) brought in a requirement on trustees ‘the duty of care’.
• The Pension Act 2004 imposed more areas where the trustee/s would need to have a greater understanding of their duties when acting as a pension trustee, a new statutory requirement that the appointed trustee/s should have knowledge and understanding.
• It therefore follows that claims could be brought against a pension trustee who had breached their duties to perform or act properly in the capacity of a pension trustee. This of course could lead to criminal or civil prosecutions or penalties when breaking statutory requirements and could lead to the individual pension trustee being sued and liable for loss attributed to their appointment as the pension trustee.
• A pension trustee policy will provide covers such as:
• Administration faults
• Breach of trust
• Errors omissions.
• Wrongful omissions.
• Neglect.
• Loss or damages to documentation.

Some policies depending on a submission and information supplied to underwriters will also be able to extend cover for the pensions trustee to areas such as court application costs, civil fines/ penalties, pursuit costs and where necessary consultant PR expenses etc in respect of the theft of property.

If you require a quote you may download our application for pension trustees.