OPDU and ACE team up to offer trustee indemnity policy

Insurance group ACE and OPDU previously offered their own separate policies but decided to work together to issue an improved pension trustee liability package.

OPDU executive director Jonathan Bull told [ital] PP [end ital]: "Rather than having two policies almost in competition it makes much more sense to give trustees the option of having one policy that combines the best features of both.

"OPDU and ACE share a commitment to deliver the best possible support and protection to those involved in the administration of pension schemes."

ACE PTL specialist and product manager Emma Watkins said the organisations have successfully worked alongside each for the past 10 years and launching the policy was a logical step.

She said: "It was time to improve our policy and tailor it to the risks trustees face today, to help trustees manage these risks. We have tried to pick out elements that were specific to ACE and OPDU and combine them.

"Providing trustees with the most comprehensive range of cover and support available in the market is at the heart of this new product."

Key features of ACE OPDU Elite include pension trustee liability cover which protects scheme assets and trustees against personal liability.

The product also includes cover against costs incurred in taking action to prevent, limit or mitigate exposure to potential claims; cover for public relations expenses to limit the damage of negative publicity on a fund’s reputation; and protection against trustee and company investigation costs should The Pensions Regulator become involved with the scheme.

Policy holders also have access to OPDU specialist services such as in-house lawyers and a dedicated advice line.

The policy covers trustees against claims for 12 years after they leave their position.