Trustees are faced with a greater number of statutory duties brought into force by the Laws governing Pensions. A duty of care has been subsequently imposed on trustees under the Law. 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. With such a lot at stake Pension Trustee Liability insurance offers covers for the areas of responsibility owed by trustees and the potential risks they face. It is vital to get the right levels of cover for trustees when litigation is an ever present threat. The pension trustee liability cover gives cost effective protection for the assets of individual trustees, the pension scheme, the sponsoring employer and their employees.
This policy can be extended to provide financial protection for:
Features of the cover
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