ACE Provides Trustee Liability Cover for New Government Low Cost Pension Scheme

ACE 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.

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 programme of workplace pension reforms to help encourage more people to save for retirement. From October 2012 employers are required to automatically enrol employees into a qualifying workplace pension scheme. Those that do not will use NEST.

Commenting on ACE’s appointment, Simon Million, UK&I D&O Manager said, "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.”

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About ACE

Part of the ACE Group, ACE European Group comprises the operations of ACE Europe, ACE Global Markets and ACE Tempest Re Group. ACE Europe provides a range of tailored Property and Casualty, Accident and Health and Personal Lines solutions for a diverse range of clients. ACE Global Markets (AGM) is ACE’s specialty international business, underwriting through ACE’s Lloyd’s Syndicate 2488 and ACE European Group Limited. Specialty lines include excess and surplus lines business, Marine, Aviation, Energy and Political Risk as well as Property, Financial Lines and Accident and Health. Additional information on ACE European Group can be found at www.aceeuropeangroup.com

Celebrating 25 years of insuring progress, the ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), a component of the S&P 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acegroup.com.

The Occupational Pensions Defence Union Limited

OPDU protects pension schemes by providing unique insurance cover to trustees, internal administrators and sponsoring employers. The membership of OPDU has approximately £180 billion fund assets in trust with over 750 schemes insured.

OPDU’s specialist services include a professional claims handling service provided by in-house lawyers. OPDU also offers advisory and risk management services including a confidential advice line for trustees and administrators.

OPDU is managed by Thomas Miller & Co Ltd which runs some of the biggest and most important insurance mutuals in the marine and logistics sector. It also manages a series of professional indemnity insurance mutuals as well as other specialist insurance businesses, including a scheme for all barristers in the UK. It has an exceptionally strong service ethos and works in areas where the ability to deal with complex issues and build strong relationships really matters.

More information on OPDU and the services on offer can be found at www.opdu.com

NEST Corporation

NEST Corporation is the trustee body responsible for running NEST (National Employment Savings Trust). It is a non-departmental public body that operates at arm's length from Government and is accountable to Parliament through the Department for Work and Pensions (DWP).

It has a chair and up to 14 Trustee Members, and together they form the trustee of the scheme. Trustee Members set the strategic direction and objectives for NEST, and among other things this means they run NEST so it delivers value for scheme members’ money.

The initial appointment of Trustee Members is made by the Secretary of State which is in line with the practices of the Office of the Commissioner of Public Appointments, the body that scrutinises public appointments.