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The Need

multi-billion Rand industry, in South Africa there are up to 3500 registered
funds with over 11 000 000 members and investments exceeding
R2000-billion. Responsible for billions of Rands and effectively people’s
lives, it’s for good reason that the Pension Fund Act places onerous
responsibilities on trustees, and they may be held personally liable if their
fund suffers a loss as a result of their own actions or failure to act.
Effectively this puts a trustee’s entire personal estate at risk and if a
judgement goes against them, they could forfeit all their attachable assets.

too often however, the appointed board of trustees does not have the knowledge
and expertise to handle the various complexities of the pension fund and
third-party service providers are instated to carry out the business of the
fund.  Not a fail-safe approach to Pension Fund management, losses may be
caused by the appointed third-party making it especially important for trustees
to ensure that providers possess adequate PI and FG cover, and do not limit
their liability in service level agreements. 

The Solution

funds, as well as their trustees, need coverage and Camargue’s Pension Fund
Trustees Liability insurance protects the fund against loss resulting from
fraud and dishonesty by an officer or trustee; negligence by an officer or
trustee and computer crime committed by a third-party.

the long-term security of accrued benefits for the pension fund is the
responsibility of the trustees.  The trustees are duty bound to ensure
that members' pension obligations continue to be suitably funded and secured.
Pension Fund Trustees Liability insurance safeguards this obligation.

The Cover

Fund is covered against:

  • Errors and omissions
  • Theft and fraud
  • Third party computer crime

and principal officers receive:

  • Professional Indemnity cover


  • Claims preparation costs
  • Costs for recovering losses that exceed the limit of indemnity
  • Costs for reinstating office records
  • One free reinstatement

Risk Management Services

unique M³ approach to insurance is geared towards managing,
mitigating and migrating critical business risks – an outcome achieved through
the provision of value-added risk benefits to policyholders. Notwithstanding
the coverage provided in terms of the policy, the additional risk management
benefits further enhance the Camargue product offering and go way beyond simple
insurance. The overall result is a well-rounded and complete solution to
the risks faced by businesses.

 Risk Management Services included in the Policy cover:

  • Private Arbitration Services  
    Offered through TOKISO Dispute Settlement – this service works towards fast, equitable resolution of disputes between the insured and their clients. As far as possible court proceedings are avoided saving time, money and more importantly reputation.
  • Account Verification for large payments
  • Trustee and principal officer education
  • Governance surveys
  • Once complimentary response to a Pension Fund Adjudicator complaint per period
  • High-level analysis of pension fund to highlight areas of potential risk
  • High-level analysis of pension fund service level agreements to highlight areas of potential risk
  • Cyber Vulnerability Scan (CVS) - A vulnerability scan is an inspection of the potential weaknesses in the security of a computer network. The CVS only requires the details of your externally facing internet protocol (“IP”) addresses, in order to examine for known vulnerabilities. Therefore it sees only what an outside intruder would see (like your locks, alarm and motion detectors) and tests the perimeter security – with no work required by you. Download our CVS Brochure here.

Important Documents:

Important Notice:

Please save the fillable PDF Proposal Form to your desktop before inserting information. If the proposal form is not saved accordingly, some information may be lost.

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