Pension Trustee Liability Insurance

Why come to ULP for Pension Trustee Liability Insurance (PTL)?


We offer a ‘free of charge’ service to Pension Schemes, their Trustees and Advisers to source and price the availability coverage options of PTL insurance, whether for a live Scheme, or a Scheme that has wound up (or is going through the process of winding up). Only if an insurance policy is taken out and paid for we will receive a commission from the Insurer who has issued the policy. Thus, we do not charge any fees to Pension Schemes, nor to their Trustees or Advisers.

 

So what is PTL Insurance?


A Pension Trustee Liability Insurance (PTL) policy provides an external resource for reimbursing losses suffered by Pension Schemes and their Trustees following claims made by third parties alleging errors and omissions. It also includes the vitally important cover of defending claims and allegations, and any costs concerning mitigation. 

Such losses or alleged losses might be suffered as a result of Wrongful Acts (for example Breach of Trust, Negligence, Misrepresentation or Maladministration) involving the actions of the Trustees to the Pension Scheme. Other risks that can be covered include civil fines and penalties imposed on the Trustees by The Pensions Regulator and Ombudsman complaints. 

A Pension Trustee Liability Insurance policy can also provide cover for Overlooked Beneficiaries where a Pension Scheme has been, or is being, wound-up. 

Live Policies 

Live Policies cover Trustees of ‘Live’ Pension Schemes (where assets are still being held) and usually run for a period of 1 year before being renewable. This can sometimes be adjusted so that the first year’s policy falls due for renewal at the end of the Scheme’s accounting year.

Run-Off Policies 

Run-Off Policies cover Trustees whose Schemes have been wound-up and should run for as long as the Trustees (or the Sponsoring Company or Scheme) can afford. Overlooked Beneficiary cover can be included to provide additional comfort to the Trustees. Run-Off and OBI policies are available for periods of up to 15 years – or even longer in some circumstances. 

It is important to remember that the policies cover defence costs as well, therefore the Trustee does not necessarily have had to have done something wrong in order for the policy to pay out, someone only has to accuse them of having done something wrong.
 

 

 

 

 

 

 

 

 

 

Click on the above image and download our brochure to learn more about Pension Trustee Liability Insurance


How Our Services Work


Stage 1
Identification and preparation

We will discuss with you how to identify your demands and needs for insurance, or those of the clients you are representing. At your request, we can visit you to help you understand what is available from the insurance market. 


Stage 2
Seeking Indications

On receipt of a brief Indication Request Form we will seek indicative terms from a range of Insurers in the market, giving you alternatives and choices to consider as well as factoring for budget purposes.


Stage 3
Consultation

We will consult with you so that the features and benefits of what the insurance market is proposing is fully understood. We will appraise the different Insurers’ policy wordings and discuss with you the amount and duration of the cover.


Stage 4
Firming up an Indication and getting a Policy issued

If and when you want to firm one or more Indications up into binding Quotations, we will steer you through that process keeping it as simple and streamlined as possible.


Stage 5
Ongoing risk management

Ours is an ‘end to end’ service, so we offer ongoing advice and assistance in the event of a circumstance or claim that needs to be notified to the Insurer.




Apply


In order for us to seek indications/offers for you, please complete whichever Indication Form below is the more appropriate and return it to us. Our service is free of charge, however we will get paid a commission by the Insurer if a Policy is taken out. 

For a Live Scheme (Fund) 

Use this Form if assets are still wholly held within the Scheme. 

Download Form 

For a Scheme approaching wind-up (Run off and Overlooked Beneficiaries)  

Use this Form if the Scheme has been discontinued/wound-up, or is winding-up or being wound-up. 

Download Form

Frequently Asked questions


We have compiled a list of frequently asked questions and their answers. But if your question is not listed, do call or email us.