Who is protected?

  • The policy is specifically written for individual independent pension trustees  to provide cover solely for them. No other trustee of a scheme can call on it for cover.
  • The Policy provides peace of mind because it stands in front of the existing scheme protections such as the exoneration and indemnity clauses and covers all the risk exposures set out below.

What risks are covered?

Investigatory Costs

You will be covered for the costs you incur in responding to an investigation by the Pensions Ombudsman or other official body.

Errors and omissions

You will be covered for losses suffered as a result of wrongful acts, such as breach of trust, negligence or misrepresentation.

TPR civil fines and penalties

You will be covered for civil fines and penalties imposed by The Pensions Regulator (TPR) and for legal costs incurred in connection with investigations and prosecutions by TPR or other official body.

Ombudsman complaints

There is cover for awards made by the Pensions Ombudsman and for legal costs incurred in defending determinations and appealing his decisions.

Defence costs

You will be covered for legal costs and expenses incurred in defending claims brought against you in connection with your duties to the pension scheme. These costs can include references to alternative dispute resolution and arbitration.

Exonerates losses

Where you cannot be held liable for Net Loss caused to the pension scheme by wrongful acts as a result of being excused by exoneration clauses in the trust deed, the Policy can nevertheless reimburse the loss to the pension scheme.

Run Off cover is available where you chose to retire as a trustee or where the scheme winds up.

Other cover includes: prosecution costs arising from a claim or investigation and extradition proceedings and bail bond costs.


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