UK - Paternoster has secured its 10th buy-out deal after taking on the Chartered Accountants' Employees Superannuation Scheme in a deal worth "between £10m-£50m".
Kirsty Fitzpatrick, head of communications at Paternoster, said the scheme's assets would be transferred "before Christmas", while payment of pensions for the 962 pensioners and 323 deferred members would be transferred during spring 2007.
The scheme was advised by Hymans Robertson, who said of the deal:
“This transfer is a good example of how a joined up approach to managing assets and liabilities can really add value.”
They pension buy-out market, after a slow start, has seen a remarkable uptake in recent times, with Paternoster having only taken on the pensions assets of its first pension fund in mid-November.
Mark Wood, Paternoster chief executive, said at the time that deal signified funds were opening up to buy-outs, and predicted more deals woud come. "We have 110 schemes we are quoting for at the moment. Trustees increasingly recognise the benefit of securing their pension scheme with a regulated pension company,” he said at the time.
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