Paternoster annuity provider for £300m schemes

Paternoster has announced it was selected as the annuity provider for pension fund schemes totalling £300m in 2006.

The specialist final salary/deferred pension scheme insurer received a total of £123m of assets in relation to these schemes during the year.

Chief executive Mark Wood commented: “Since we received FSA authorisation last June we have seen interest in the transfer of the risk associated with defined benefit pension plans intensify. We have been selected by 15 schemes to date and are currently in dialogue with over 100 companies and their trustee boards.”