Client feedback

“We have a good partnership the team really understand what we need and our knowledge eg budgets - "we don't have a referee" - very helpful. Challenge advisers but with a practical objective. Thanks to PSGS, GMP equalisation has been just a process. ”

Stephen Allaker ,

Bristol Myers-Squibb

“I found the trustee training really beneficial, highly recommended. I am not a trustee, I represent the employer and I think it will be valuable for me in future, having a better understanding of the trustees' perspective.”

Dave Strain,

Royal Yachting Association

“Excellent service - as expected and why PSGS was chosen.”

Stuart Barker ,

Independent Occupational Pensions Consultant, RSPCA

“They have helped us save much more and created a cohesive plan to de-risk whilst building an integrated pension team.”

Sally-Anne Borrill,

T-Systems

“Great communication and practical help.”

“Edwin’s working to ensure the other trustees get involved. Last year he took more of a leading role, which I was very grateful for. He is well organised and proactive. Feedback from external advisers has been good. ”

Jeremy Barnard ,

Imerys

Trustee indemnity insurance

Topic:

Hot topic

Date published:

Monday, 30 January 2017

Author:

Ian Eggleden

Are you a pension trustee or scheme sponsor? If so, just how much attention do you pay to trustee indemnity insurance?

I know the trustee boards of some ongoing pension schemes do consider carefully whether trustee indemnity insurance represents value for money. I suspect others may only give it cursory thought once a year when it appears on a trustee meeting agenda - and then only to make sure their scheme secretary says they are covered. Assessing the costs and benefits of this insurance given other protections that are available (for example by the employer via the pension scheme rules) is a sensible exercise for ongoing schemes to carry out.

However, for defined benefit (DB) schemes that are being, or have been, wound up it is a different story. As a professional pension trustee, I know trustee indemnity insurance deserves close attention and have put together a few examples to show just how easy it is for a claim relating to pension benefits to arise.

With payouts up to £2.4million, these case studies really do bring home the financial consequences of an error or omission.

Download a copy

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