PENSION TRUSTEES LIABILITY INSURANCE
Panels of Trustees
Since the introduction of the new Pensions Regulator in 2005, the onus of knowledge and suitability of trustees has been extended, with a requirement of trustee training.
There are three main types of scheme:
- Open - when the scheme is running and accepting new members,
- Closed - where there are funds but the scheme is closed to new members,
- In Wind-Up - closed and where the funds are being, or are about to be, dispersed amongst the members.
Open and closed schemes can sometimes overlap, that is they are partly open for defined benefit (“DB” – also known as final salary) and defined contribution (“DC” – also known as money purchase).
If there is an existing policy in place, Universal Legal Protection (ULP) can provide an alternative quotation - all that would be required is sight of a copy of the renewal proposal form to the existing Insurer.
If you want ULP to obtain quotations for any scheme in wind-up, or the scheme does not currently have any cover in place, please contact us for a suitable proposal form.
Individual / Specialist Trustees
There are also individuals who sit on a number of panels or specialist firms of Independent Pension Trustees. We can obtain legal expenses insurance quotations for this category upon receipt of a satisfactory proposal form.
Helpful advice and assistance
If you would like to talk to ULP about any aspect of trustees liability indemnity insurance and hear what we might be able to do for you, please contact us.
