AXIS Run-Off Policy

This policy provides an indemnity to trustees of wound-up pension schemes in respect of breach of duty due to acts of negligence committed in good faith prior to the date of distribution, that have not already been reported as potential claims.

In addition, subject to policy terms, the policy will respond to a claim from a beneficiary under the trust alleging that the retirement benefit is less than that originally contracted with the employer for whom the trustee administered the trust.

The policy is on a claims-made basis, which means that the trustees will be protected in respect of any claim within policy terms made against a trustee and notified to insurers during the period of insurance.

Policy Features:

• Long-term policy period..
• Retroactive cover backdated to the time the scheme was established.
• Limits of indemnity available up to £15 million.

Overlooked Beneficiary Policy

This policy provides an indemnity to trustees of wound-up pension schemes for breach of duty by reason of neglect, error or omission occurring or committed in good faith arising out of:

a) a claim from a person entitled to be a beneficiary under the trust but for whom no provision has been made.
b) a claim from a beneficiary under the trust alleging that the retirement benefit is less than that originally contracted with the employer for whom the trustee administered the trust.

Policy Features:

• Long-term policy period.
• Limits of indemnity available up to £15 million.