Pension Trustee Liability Insurance

What is Pension Trustee Liability (PTL) Insurance

A good Pension Trustee Liability Insurance policy (also referred to as PTL Insurance) stands in front of any potential indemnity and exoneration clauses to provide protection for Pensions Trustees, and schemes in the event of a claim, ensuring that they avoid the financial burden of a loss event.

Why do you need Pension Trustee Liability (PTL) Insurance

PTL insurance is an essential tool in managing the risks Pension Trustees face when running UK based pension schemes, transferring the risk of a loss from the Pension Scheme and Sponsor to the Insurer. Pension Trustees take on significant personal risk and can face unlimited personal liability if anything goes wrong, and Increased regulation and greater scrutiny of both DB and DC Pension Schemes, along with the implementation of the Pension Schemes Act 2021 means PTL Insurance has never been more important.

Who can Pension Trustee Liability protect?

• Pension Trustees (including Professional Trustees)
• Committee members
• Employees
• The Sponsoring Employer Company
• A Corporate Trustee Company entity
• Lawful spouses, partners, estates, and heirs
• The Pension Scheme itself

What can the OPDU Pension Trustee Liability Policy cover?

• Defence costs to provide legal support to respond to a claim
• Exonerated Loss and Overpayments
• Public Relation Expenses
• Investigation Expenses
• Mitigation Expenses
• Prosecution Costs
• Civil Fines and Penalties
• Reputation Protection Expenses
• Emergency Costs
• Extradition Expenses
• Loss of Documents
• Third Party Service Provider Pursuit
• Court Application Costs
• Court Attendance and Staff Disruption
• Bail Bond Costs
• Missing Beneficiary Insurance (aka Overlooked Beneficiaries Insurance / OBI)