UK - Paternoster, the new DB buy-out vehicle set up by ex-Prudential chief executive Mark Wood, has been authorised by the UK's Financial Services Authority (FSA) as a life assurance company months ahead of schedule, confirming a report by Global Pensions earlier this week.
The company had been expecting a response from the FSA in September.
“The FSA process has been extremely thorough and effective,” says Mark Wood (pictured), Paternoster chief executive.
The company is the first of a new breed of specialist firms established to develop the final salary pension transfer market.
Speaking about the reasons the company was set up, Wood said: Demand for final salary pension transfers is growing at a fast pace. We expect very few businesses to continue to have a defined benefit pension scheme on their balance sheets within the next five years.”
He noted that even with the growing number of new entrants, there may not be sufficient capital within the authorised insurance companies to satisfy demand.
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