The ACE European Group announced that it has been appointed with its partner OPDU (The Occupational Pensions Defence Union) to “provide and administer pension trustee liability cover to the NEST Corporation, the trustee body responsible for running the UK Government’s new flagship National Employment Savings Trust (NEST) pension scheme.”
The bulletin explained that the trustees of the scheme will “have access to the ACE Elite OPDU, a comprehensive Pension Trustee Liability product providing the most extensive cover currently available in the market.
“The cover is designed to protect pension scheme assets and personal liabilities of trustees by addressing the exposures trustees face as a result of their statutory obligations and duties. It includes protection for the costs incurred in taking action to prevent, limit or mitigate exposure to potential claims; court applications; investigatory and prosecution costs; and cover for public relations expenses to limit the damage of negative publicity on a fund’s reputation.
“OPDU is providing specialist services including professional claims handling and advisory and risk management services including a confidential advice line for trustees and administrators.
“NEST is part of the Government’s program of workplace pension reforms to help encourage more people to save for retirement. From October 2012 employers are required to automatically enroll employees into a qualifying workplace pension scheme. Those that do not will use NEST.”
Simon Million, UK&I D&O Manager commented: “We are pleased to provide the trustees of the NEST Corporation with such cover to ensure the successful implementation and ongoing management of this important scheme.”
Source: ACE European Group