The Financial Services Authority (FSA) has today authorised Paternoster as a life assurance company.
The company backed by Deutsche Bank and Eton Park International LLP and created by the former chief executive of Prudential, Mark Wood, in April plans to offer tailored solutions to the £1,000bn defined benefit (DB) pension marketplace. Paternoster will offer to buy the DB pension liabilities of UK companies and pension scheme trustees to free companies and trustees from the increasing risks of longevity, as well as investment risks in their pension funds. It claims additional pressure on companies to manage deficits is being driven by the increased powers of the Pensions Regulator, and...
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