PII retirement calculator
Last updated: 15 June 2016
This calculator is designed to assist solicitors to work out an indicative figure that should be saved each year as part of their retirement planning to prepare for the likely cost of run-off cover under their minimum terms and conditions (MTC) policy.
The calculator provides an indicative figure only, based on the firm's current premium and cost of cover.
It is important to remember that both these variables are subject to increases over time. You should consider the cost of run-off cover as part of your professional indemnity insurance (PII) renewal each year.
While care has been taken to ensure this calculator is accurate in all respects, works correctly and is useful, the Law Society will not accept any legal liability in relation to it. To the fullest extent permitted by law, the Law Society expressly disclaims all conditions, warranties and representations, and excludes any liability for any loss or damage whatsoever arising out of or relating to any use, inability to use, or reliance on the calculator.
Please note: The calculator relates only to the cost of six years' run-off cover under the MTCs. Claims arising after run-off cover has expired are currently met by the Solicitors Indemnity Fund (SIF). However, the fund will close to new claims in 2020. Depending on the emergence of insurance to cover post six year run-off claims, solicitors should also consider saving for the cost of purchasing additional cover after their run-off cover has expired. The Law Society is currently considering whether there are any viable options to replace the SIF beyond 2020.