Legislation can lead to Pension Fund Trustees being held personally liable. Whether you are an Independent or Corporate Trustee, Adviser, Actuary or Solicitor, you should protect yourself or your client against the risks.
PTL insurance protects Pension Funds and their Trustees against claims made by third parties for matters including Breach of Trust, Maladministration and Wrongful Acts. It can also provide cover for Missing or Overlooked Beneficiaries.
Submit just one Proposal Form and we will approach most if not all appropriate Insurers operating in the Pension Trustee Liability Insurance market
As a specialist Insurance Broker, we add value by advising clients on the cover they need and by shopping around for the best and/or most appropriate PTL policies. Not many of the ‘players’ in the PTL market approach more than one Insurer and deal with Funds that have been or are being wound-up as well as with Live Funds.
Our team has over twenty years experience in arranging PTL insurance and is considered by many to be the market leader in broking PTL risks.
There are two main types of policy available. The first provides cover to the Trustees of ‘Live’ Pension Funds, where assets are still being held. The second provides cover to Trustees of Funds which are closed / ‘wound-up’ and this is where the Overlooked Beneficiary Insurance can be included to provide additional comfort to the Trustees.
PTL insurance should be taken out sooner rather than later. When Trustees act for Pension Funds they become liable for any actions undertaken (or, possibly, actions not undertaken) and whilst the Fund is still open a Live Policy taken out on a yearly basis can protect them. Even when a Fund is ‘wound-up’, the Trustees’ liability can continues for up to 12 years.
As an Adviser, you owe a duty of care to anyone relying on your advice. You need to be protected for claims brought against you alleging errors and/or omissions. You should therefore consider Professional Indemnity Insurance (assuming you are not already covered).
In addition to what we say in answer to ‘what is covered under a PTL Policy’ above, cover is also provided for defence costs. When a PTL Insurer pays a claim, 90p of every £1 paid out is usually in respect of legal expenses in defending or representing the Trustee rather than damages.
