In some cases Trustees of schemes which are winding-up decide not to take out full Winding-Up insurance but there is a concern that a missing or overlooked beneficiary may emerge after the winding-up.

In this event OPDU can offer insurance for Missing Beneficiaries only for a maximum period of 15 years after the winding-up date. A maximum of £10m of cover is available.

What risks are covered?

OPDU Elite Winding-Up will pay the loss a past trustee is legally obliged to pay as a result of a wrongful act in relation to the named pension scheme(s) as a result of a person with a valid claim to benefits emerging after the scheme has wound-up. 

The policy will provide costs to defend a claim and where the claim is admitted, the cost of providing that benefit.

Who is covered?

  • Past trustees
  • A corporate trustee company
  • Lawful spouses, estates, heirs or legal representatives of past trustees or employees in the event of death, incapacity, insolvency or bankruptcy
  • Any other natural person or entity who acted as trustee as attached by specific written endorsement.

Who is included in the definition of trustee?

Any natural person, including a director or officer of a corporate trustee company, who was appointed as a trustee. 

What is included in the definition of corporate trustee company?

Any company appointed to act as a trustee, regardless of whether that company was a subsidiary or not of the sponsoring employer company.

What constitutes a claim?

  • A written demand alleging legal liability
  • A civil or arbitral proceeding

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