In recent years, the number of duties and obligations placed on trustees has grown as a result of government intervention, making the role of trustee more onerous than ever. Trustees who breach these increasingly complex responsibilities may place their personal assets at risk or, in certain circumstances, find themselves liable for civil and criminal penalties.
This personal liability stays with a trustee to the grave and, arguably, beyond. Add to the mix a generally more litigious society, scheme members becoming more aware of their pension rights, adverse market conditions and the ever increasing profile of pensions in the news and it is easy to understand trustees’ interest in the protections available to them. Chubb Pension Trustee Liability insurance provides valuable protection for the assets of individual trustees, the pension fund, the sponsoring employer and the employees against claims of wrongdoing.