Pensions business Paternoster up for sale

Laura Miller
clock

Paternoster has been put up for sale, with its original backers facing the loss of more than half their £500m equity investment.

The majority of its backers are seeking an exit from the company set up by former Prudential executive Mark Wood, the Financial Times reports. Paternoster, which manages longevity, investment and operational risks within defined benefit pension schemes for trustees, was forced to close to new business in the depths of the financial crisis. It hopes to receive initial expressions of interest by September, according to people close to the situation. While Paternoster has written no new business since the crisis, its largest shareholder, Deutsche Bank, drew on its expertise to write a...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Protection

Why product providers need autonomy on policy admin systems

Why product providers need autonomy on policy admin systems

What's holding providers back from achieving autonomy?

Professional Adviser
clock 17 October 2025 • 4 min read
Life cover planning: The changing landscape of protection for IHT

Life cover planning: The changing landscape of protection for IHT

'The world of protection advice is changing'

Naomi Greatorex
clock 16 September 2025 • 4 min read
Ipipeline expands Advanced Underwriting tool to whole of market

Ipipeline expands Advanced Underwriting tool to whole of market

Three further providers set to join

Jaskeet Briah
clock 01 September 2025 • 1 min read