As a Trustee you have substantial responsibilities and can be held legally accountable for the decisions you make and the services you provide, potentially leaving you with your personal assets at stake.
A trustee, at law, is the owner of the trust which they administer on behalf of the funds members. Trustees are individually and collectively responsible for the management and operation of the pension scheme.
Pension Trustee Liability affords protection to company pension scheme Trustees against claims for mismanagement of their obligations and/or performance of their duties.
Errors may occur such as:
Pension Scheme Trustees can also face allegations of, improper advice, incorrect investment of the scheme assets and violation of the schemes documents.
If a pension scheme is under- funded could you be exposed legally from unsatisfied members?
An insurance policy can provide for defence costs along with compensation.