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AMNT Members Seminar 20 June 2012 Trustee Insurance Jonathan Bull Executive Director opdu PowerPoint Presentation
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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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Presentation Transcript
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OPDUProtecting Pension Funds

AMNT Members Seminar

20 June 2012

Trustee Insurance

Jonathan Bull

Executive Director

www.opdu.com

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OPDUProtecting Pension Funds

  • Protections & Insurance
  • Claims
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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)

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OPDUProtecting Pension Funds

Protections

• Indemnity (limitations)

• Exoneration (limitations)

  • Statutory (limitations)
  • Insurance
  • Court Applications
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OPDUProtecting pension funds

Insurance

  • Directors & Officers (D&O) Policies
  • Global Company Policies
  • Pension Trustee Liability (PTL) Policies
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OPDUProtecting pension funds

Who should

Insurance cover?

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OPDUProtecting pension funds

Protection for All

  • Trustees
  • Internal Advisers
  • Administrators, Managers & Employees
  • Directors & Officers of Trustee Companies
  • Internal Disputes Managers
  • Sponsoring Employer / Pension Scheme
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OPDUProtecting pension funds

What should

Insurance cover?

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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
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OPDUProtecting pension funds

OPDU Elite Cover Features 2

  • Full severability of cover
  • Individual representation
  • Defence costs
  • Third party costs
  • Retirement cover - lifetime
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OPDUProtecting pension funds

OPDU Elite Cover Features 3

• Court Application Costs

  • Costs of investigations
  • PR expenses
  • Extradition proceedings
  • Third Party Service Provider Pursuit
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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
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OPDUProtecting pension funds

Claims

Recent Claims Experience

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OPDUProtecting pension funds

Questions?

Jonathan Bull

Executive Director, OPDU Ltd

Dir line: 020 7204 2432

jonathan.bull@opdu.com