The Railways Pension Scheme Order 1994

Trustee Insurance

2E  With the consent of 51% of the Designated Employers the Trustee may insure the Scheme against any loss caused by it or its employees, officers, agents or delegates or any member of a Pensions Committee and may also insure itself and any of its employees, officers, agents or delegates and any member of a Pensions Committee against liability for breach of trust not involving the personal conscious wrongdoing or recklessness of the person concerned (and in the case of a person who carries on or is involved in the carrying on of the business of professional trustee, not involving the negligence of the person concerned). The Designated Employers and the Trustee shall agree the terms of any insurance (including terms as to payment). To the extent that the Trustee is covered by insurance and has secured payment in full from that insurance, it shall waive the protection of Clause 2D (Limit of Liability) and Clause 2F (Trustee Indemnity) shall not apply.