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OPDU Protecting Pension Funds. AMNT Members Seminar 20 June 2012 Trustee Insurance Jonathan Bull Executive Director www.opdu.com. OPDU Protecting Pension Funds. Protections & Insurance Claims. OPDU Protecting Pension Funds. Trustee Liabilities
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OPDUProtecting Pension Funds AMNT Members Seminar 20 June 2012 Trustee Insurance Jonathan Bull Executive Director www.opdu.com
OPDUProtecting Pension Funds • Protections & Insurance • Claims
OPDUProtecting Pension Funds Trustee Liabilities • Each trustee is legally responsible to and for the scheme (even after they have retired or changed job) • Trustees cannot absolve themselves of responsibility (i.e by delegating their duties to make decisions to professional advisers)
OPDUProtecting Pension Funds Protections • Indemnity (limitations) • Exoneration (limitations) • Statutory (limitations) • Insurance • Court Applications
OPDUProtecting pension funds Insurance • Directors & Officers (D&O) Policies • Global Company Policies • Pension Trustee Liability (PTL) Policies
OPDUProtecting pension funds Who should Insurance cover?
OPDUProtecting pension funds Protection for All • Trustees • Internal Advisers • Administrators, Managers & Employees • Directors & Officers of Trustee Companies • Internal Disputes Managers • Sponsoring Employer / Pension Scheme
OPDUProtecting pension funds What should Insurance cover?
OPDUProtecting pension funds OPDU Elite Cover Features 1 • Cover for court proceedings • Cover for mediation and arbitration • Compensation or awards by Ombudsman or other official Regulatory Authority • Maladministration • Civil Fines & Penalties cover where lawful • Loss Policy • Indemnity • Exoneration
OPDUProtecting pension funds OPDU Elite Cover Features 2 • Full severability of cover • Individual representation • Defence costs • Third party costs • Retirement cover - lifetime
OPDUProtecting pension funds OPDU Elite Cover Features 3 • Court Application Costs • Costs of investigations • PR expenses • Extradition proceedings • Third Party Service Provider Pursuit
OPDUProtecting pension funds • OPDU Elite Cover Features 4 • Claims made policy • Limit of insurance: one limit or separate limits? • Deductibles/Excesses • Payment of premium • Cost – important factors in assessment • Discontinuance Insurance – separate policy
OPDUProtecting pension funds Claims Recent Claims Experience
OPDUProtecting pension funds Questions? Jonathan Bull Executive Director, OPDU Ltd Dir line: 020 7204 2432 jonathan.bull@opdu.com