Willis Towers Watson
Overview
Pension Trustees Liability
What is it?
Pension Trustees Liability insurance provides cover where a claim is brought alleging a wrongful act in areas such as breaches of trust, breaches of duty, breaches of statutory provision, negligence, errors and omissions, miss-statements, and misleading statements, and maladministration or any other wrongful act committed or allegedly committed in relation to a Pension Scheme.
Who is covered
Individuals – Past, present, and future trustees, employees and directors and officers of a sponsoring employer and employees undertaking administration duties related to the fund, such as committee or board members, administrators, pension scheme managers, internal dispute managers.

Entities – In addition to the sponsoring employer company, any plan,
scheme, or fund, any corporate trustee company established and duly appointed to act as a trustee of the plan is also included under the definition
of "Insured" in the policy.
Who should consider buying this insurance?
Companies with pension funds or the pension funds themselves should purchase Pension Trustees Liability insurance cover for the benefit of their pension fund trustees and for balance sheet protection against the organisation and trust itself.

In recent years the duties and obligations placed on trustees of pension funds, be they directors of a sponsoring employer company or employees appointed by the members, have grown under new and growing legislation.

Trustees are required to be up-to-date with their own scheme documents, and to have knowledge and understanding of trusts and pension law, and of the principles of funding and investment.
How do we add value?
We have a number of core initiatives which provide tangible value to our clients' risk management process including:

Richard is a Senior Vice President and Willis' Financial Services Practice Leader, based in New York. During his 25-year banking career, he has managed sales, trading and team structuring for some of the biggest financial institutions.

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