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

Life insurance: Complexity vs cost and the confidence gap

Life insurance: Complexity vs cost and the confidence gap

Complexity and uncertainty create frustration for consumers and operational drag for advisers

Kevin Carr
clock 30 April 2026 • 4 min read
Holloway Friendly and Wiltshire Friendly to merge

Holloway Friendly and Wiltshire Friendly to merge

No job losses anticipated

Jaskeet Briah
clock 20 April 2026 • 2 min read
Protection advisers under 30 report worries about AI use in claims

Protection advisers under 30 report worries about AI use in claims

More concerned about AI used in claims than underwriting

Jaskeet Briah
clock 30 March 2026 • 2 min read