Access to support services of The Occupational Pensions Defence Union included
Ace European Group has launched a pension trustee liability product, ACE PTL Elite, which includes access to a range of specialist support services provided by The Occupational Pensions Defence Union (OPDU).
The insurer said: "The enhanced PTL product provides the most extensive cover available in the market designed to protect pension scheme assets and the personal liabilities of trustees. The product combines the best features of the cover previously provided by Ace and OPDU and introduces important enhancements of cover for costs incurred in taking action to prevent, limit or mitigate exposure to potential claims; extradition proceedings against trustees; court applications; investigatory and prosecution costs.
"In addition, there is new cover for public relations expenses to limit the damage of negative publicity on a fund’s reputation."
The product also provides access to OPDU’s specialist services which include a professional claims handling service provided by a team of in-house lawyers who deal with claims in a sympathetic manner. OPDU also provides advisory and risk management services including a confidential advice line for trustees and administrators.
This broader cover and additional support services will be available to all brokers under the ACE PTL Elite brand. It will be marketed to OPDU clients under the brand Ace OPDU Elite.
Emma Watkins, PTL specialist and Product Manager at Ace, said: “Providing trustees with the most comprehensive range of cover and support available in the market is at the heart of this new product.
“We have continued to enhance our PTL insurance to reflect the increasingly complex responsibilities and risks trustees face. Now, with the addition of a range of expert advisory services, trustees can take greater control over the protection of their personal assets.”
Jonathan Bull, executive director of OPDU, said: “OPDU and Ace share a commitment to delivering the best possible support and protection to those involved in the administration of pension schemes. The development of this superior product further underlines the reputation of both organisations for their continuing innovation and improvements in cover and services provided in this field.”
