Perceptive Underwriting

09 May 2019

Updated Pension Trustee Run-off and Overlooked Beneficiary Insurance

We are pleased to announce that Nexus are now offering a 15-year policy period option for its Pension Trustee Run-off and Overlooked Beneficiary Insurance product.

The role of a Pension Trustee has always been onerous and the legal duties and responsibilities for a Trustee can be extensive. The Pensions Regulator affords a tough stance against corporate entities and employers when pension scheme beneficiaries are negatively affected in any way which could result in a scheme trustee feeling somewhat vulnerable in his/her position. Whilst employer covenants and exemptions in the Trust Deed and Rules can provide some comfort these cannot always be relied upon. The exposure for Pension Trustees is increased even more so in the event of a scheme wind-up, with Trustees potentially being on the hook for events that took place many years in the past. For these reasons, more Trustees are insisting on an extra layer of protection in the form of an insurance policy. 

In response to the increased regulatory framework and exposure for Trustees, we have improved our Pension Trustee Run-off and Overlooked Beneficiary Insurance offering and can now offer Trustees:

  • A 15-year policy period
  • Coverage for the Scheme and Employer itself (whilst covering the Trustees first and foremost)
  • Coverage on a fully retroactive basis with nil deductible assigned to the Trustees
  • A tailored policy to cover in the build-up to wind-up completion (traditionally a time when insurance is difficult to purchase)

To find out more, please contact:

Jamie Ricketts
Chief Underwriting Officer – D&O/FI
T: +44 (0) 203 011 5630
M: +44 (0) 7508 055 470

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