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PII retirement calculator

24 October 2012

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.

More information

More advice is available from the Law Society on run-off cover and the regulatory requirements of ceasing to practice