Paternoster announces first deal - papers 10 Nov

Paternoster will take on the assets and liabilities of the Cuthbert Heath Family Plan, a final salary scheme for employees of Cuthbert Heath Holdings. Current employees of the company lost most of their pensions savings when the underwriting agency went bust three years ago but retired members of the pension scheme retained their benefits, says the paper. Mark Wood, chief executive of Paternoster, said he had bought four other schemes but could not identify them until their members had been informed of the transactions. Three of the schemes had assets of up to £10m and two are valu...