Run-Off Claims Examples
- Claimant was a multinational communications company and the case relates to a commercial law firm representing 16 employers claiming against loss of funds following the liquidation of their pension scheme. The trustee insurance covered the insured's claim and legal fees plus the pension trustee's legal fees. Payout: £590,000 (initial claim); £25,000 (further claim) with £9,500 legal costs.
- The claimant is a tenants' association. The case relates to a complaint filed against the claimant by the family of a former employee regarding payment of pension and benefits. Two claims were made; one by the wife of the former employee, and one by the daughter. Both of the claims were honoured without any legal costs involved. Payout: £82,000.
- The claimant is an international bank. The case relates to a complaint made by a firm of actuaries on behalf of 45 former employees. The employee's pension entitlements, following the wind-up of the company's pension and life assurance plan, were claimed to have been based on an incorrect period of completed service. Payout: £1,200,000 with £65,000 legal costs.
- The claimant is an engineering company and the case relates to a complaint made by an individual, who was a pension scheme member of the aforementioned company, who filed a complaint concerning the equalisation of GMP benefits between sexes, following the wind-up of the pension scheme. Whilst the Pension's Ombudsman did not uphold the complaint, the insurance covered legal fees of over £3,000.
- The claimant is an international brewery. The case relates to a complaint made by the chairman of the trustees due to the underpayment of contributions for four members of the company's retirement death benefit scheme. Three of the individuals had gone on maternity leave, and calculations for benefit payments had been based on actual salary during this time. Consequently, the payments due to the individuals had been miscalculated and led to a shortfall of funds for payment of benefits. Payout: £100,000 with £8,000 legal costs.