There are good reasons to consider Pension Trustee Liability insurance from AIG
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.
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
Pension trustee liability insurance is designed to meet defence costs, awards, damages, and investigation costs of trustees 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.
What is covered?
Cover for contribution notices against individual insured person
Cover for spouse or domestic partner of insured person
Cover for acquired or newly created plans within threshold
Investigation costs in connection with preparing for and attending an investigation