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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. ACE offers Pension Trustee Liability, through its Elite OPDU product, for the areas of responsibility owed by trustees and the potential risks they face. This policy is regularly reviewed to ensure that it continues to respond to the risks faced in the changing pensions environment. The policy is written in plain language with appropriate pensions terminology.
It is vital to buy the right levels of cover for trustees when litigation is an ever present threat. The pension trustee liability product provided by ACE gives cost effective protection for the assets of individual trustees, the pension scheme, the sponsoring employer and their employees.
Special Features
In addition to:
- 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
ACE Expertise
We have a highly respected underwriting team, more than a third of whom hold the PMI Trustees Certificate. ACE has been writing pension trustee liability insurance since 1997 and is committed to the product for the long term. Over time we have built a local claims team specialising in financial lines with experience of handling a variety of pensions claims. We believe our responsive approach to claims handling, in partnership with our clients, results in the best outcome for all parties.
Additional Benefits
When purchasing Pension Trustee Liability insurance from ACE, trustees will receive:
- Welcome pack of useful information for trustees.
- Trustee Focus Newsletter (issued from time to time). See above right.
Contacts
Simon Million, UK & Ireland Manager:
simon.million@ace-ina.com; Tel: +44 (0)20 7173 7242
Diane Davidson, UK Regions:
diane.davidson@ace-ina.com; Tel +44 (0) 121 234 1118
Jonathan Bull, OPDU, Executive Director;
jonathan.bull@opdu.com; Tel +44 (0) 20 7204 2432
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Contact
Petra Fowler
ACE European Group Ltd
Zenith Building
26 Spring Gardens
Manchester M2 1AB
T: +44 (0)161 910 1807
petra.fowler@acegroup.com
ACE and OPDU
ACE has partnered with the Occupational Pensions Defence Union (OPDU) to provide insurance and related advisory services for pension schemes.
In support of the ACE OPDU Elite Pension Trustee Liability Insurance product, we will be exhibiting at the NAPF on 14th & 15th October and at the Pensions Professional Show on 18th & 19th November.
Documentation
Click on the links below for pdfs of ACE OPDU Elite Pension Trustee Liability documents including marketing and specimen policy wordings :
primary policy
excess policy
discontinuance policy
ACE OPDU Elite Product profile
ACE OPDU Elite Brochure
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