UK - Paternoster foresees a slowdown of business inflow during the last quarter of 2008 due to recent market turmoil, despite a new business increase of 23% in the third quarter.
"We understand trustees and their advisers deferring the decision to transfer all or a portion of a pension scheme off balance sheet to an insurer until markets are more settled."
Wood said Paternoster anticipated some of the transactions that might have taken place by the end of this year may now take place early next year.
He concluded: "Consequently, while we continue to provide quotations that fix prices for all variables except investment market conditions, we expect Q4 new business to be below previous estimates with full year market growth on last year being perhaps 300% rather than the 400% previously projected."
Paternoster said to date trustees had secured £2.7bn (US$4.7bn) of assets with the firm.
Meanwhile, UBS Global Asset Management and Aegon have launched the UBS Aegon Affordable Risk Transfer Solution (ARTS).
They said ARTS was a service aimed at pension funds with liabilities in excess of £100m (US$176m), which combined insurance, administration, asset management and risk management.
They said the cost and complexity of immediate buyout could seem 'prohibitive' for many pension funds, since current market conditions had led to less attractive direct buyout terms.
This week's edition of Professional Pensions is out now
MPs failed to place legislation into the Financial Guidance and Claims bill that would have made pension guidance default, which Just Group director Stephen Lowe said left a "bitter taste".
Aegon has called for the government to double the tax exemption on employer-arranged pension advice, up from £500 to £1,000.
Institutional investor confidence in Europe rose by 8.9 points in April with each region showing growing appetite for risk, according to State Street Global Exchange.