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

Trustee responsibilities

Although often unpaid, 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

Pension trustee liability insurance also provides cover for the company and its pension plan. That’s because 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

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?

This cover is suitable for any company operating an occupational pension plan.

Pension Trustee Liability for private companies, not-for-profits, partnerships and insurance brokers
 
PrivateEdge has been developed for private companies, for partnerships and for charities, affinity groups and other not for profit organisations. We have special policy wordings for each of these three segments reflecting the different structures and needs of each customer group.

Learn about PrivateEdge cover here >

What is covered?

  • Contribution notices against individual insured person
  • Spouse or domestic partner of insured person
  • Cover for acquired or newly created plans within threshold
  • Includes cover for loss of documents, sub limited to £100,000
  • Investigation costs in connection with preparing for and attending an investigation
  • Optional cover available for ERISA plans

Features & Benefits

  • 12 year Discovery period for retired trustees in the event of non-renewal
  • Emergency defence costs up to 10% of the limit of liability available if insurer’s consent is unavailable
  • Access to Pension Crisis Response Team and Pension Law Advice
  • Bilateral Discovery period if policy not renewed

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