Since 2018, there has been a significant shift in the Pension Trustee Liability environment. Increased regulation and greater scrutiny of both DB and DC Pension Schemes, along with events such as Brexit, the COVID-19 pandemic, and the implementation of the Pension Schemes Act 2021 have driven an increase in claims.
OPDU prides itself on working alongside our Insured members to achieve the best result possible in the event of a Claim. Our Policy stands in front of the Indemnity and Exoneration clauses, our qualified Subrogation Clause ensures that the Policy is the first port of call in the event a claim, negating the need to rely on the Sponsor for indemnity or scheme assets for Exoneration protection support. This is particularly important if a scheme winds up leaving no assets left to support an Exoneration claim, or if a Sponsor is financially unable or unwilling to respond to an Indemnity Claim.
OPDU will manage any claim on your behalf ensuring that you are kept up to date, and if needed, will advocate on your behalf to insurers.
Please note the following Claims Guidance;
- A Notification form should be provided as soon as an Insured becomes aware of a Circumstance that may give rise to a Claim or Investigation
- Any circumstances not previously notified for any reason should be fully disclosed at the next renewal
- Within 30 working days of the receipt of the information, the Insurer will provide a written and reasoned statement of its position relating to cover
- The Emergency Costs extension provides cover for Defence Costs, Investigation Expenses, Prosecution Costs, Bail Bond Costs and Public Relations Expenses in the interim before the Insurer confirms acceptance of the Claim, providing the Insurer’s consent is sought within fourteen days of the first of such costs being incurred
- Any Claim will be assessed in accordance with the Policy Terms and Conditions issued upon Policy inception – please contact your Account Executive if you do not have a copy of these on file.