Financial Risk - Pensions Trustee Liability

The UK Pensions Act 1995 and the Pensions Act 1990 in Ireland impose onerous responsibilities on those who manage occupational pension schemes. The Pensions Act renders trustees personally responsible for losses resulting from a breach of duty.

Claims can be brought against trustees by:

• Scheme members or beneficiaries.
• The Pensions Ombudsman.
• The Occupational Pensions Regulatory Authority (OPRA)

A pension trustee policy can protect against a broad range of allegations including:

• Negligence.
• Administrative errors or disclosures to scheme members.
• Improper advices or disclosures to scheme members.
• Selection of inappropriate advisers or service providers.
• Improper amendments to trust deed.
• Breach of Statutes.
• Breach of Common Law Duties