Recommendations by the Financial Services Conduct Authority have added significantly to the bewildering number of statutory duties and obligations faced by Pension Fund Trustees. Failure to adequately perform their fiduciary obligations, comply with legal requirements or exercise reasonable skill and care in their actions as trustees may put their personal assets at risk.
AIG South Africa Limited’s CorporateArmour Pension Trustee Liability insurance provides protection for the trustees, the employees, the employer company and the fund itself against claims brought against them for actual or alleged wrongful acts which have placed the plan’s assets at risk. In addition to providing cover for settlement of an action, CorporateArmour Pension Trustee Liability insurance also provides cover for the costs of defending the action – payable as they occur.
Pension Trustees Liability policies are short-term products and are underwritten by AIG South Africa Limited, FSP No: 15805