OPDU Protecting pension funds

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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

 • 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)
OPDU
     Protecting Pension Funds



 Protections

 •    Indemnity (limitations)
 •    Exoneration (limitations)
 •    Statutory (limitations)
 •    Insurance
 •    Court Applications
OPDU
  Protecting pension funds



  Insurance

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




                      Who should
                   Insurance cover?
OPDU
     Protecting pension funds



 Protection for All

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




                    What should
                  Insurance cover?
OPDU
   Protecting 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
OPDU
     Protecting pension funds



 OPDU Elite Cover Features 2

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



 OPDU Elite Cover Features 3
 •   Court Application Costs
 •   Costs of investigations
 •   PR expenses
 •   Extradition proceedings
 •   Third Party Service Provider Pursuit
OPDU
     Protecting 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
OPDU
   Protecting pension funds



 Claims

 Recent Claims Experience
OPDU
   Protecting pension funds




                           Questions?


 Jonathan Bull
 Executive Director, OPDU Ltd
 Dir line: 020 7204 2432
 jonathan.bull@opdu.com

				
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posted:10/2/2012
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