Pension Trustee Liability Insurance
Protection for scheme trustees, the company and the plan itself
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 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