UK - Paternoster has joined up with risk management adviser Jardine Lloyd Thompson Benefit Solutions (JLT) for actuarial support services and long term policy administration as it seeks to break into the DB buy-out market.
JLT announced today it had signed a letter of intent with Paternoster, and added the two would jointly work on offering pension scheme administration and wind up services to the DB market.
Duncan Howorth, MD of JLT Duncan Howorth added that, as well as remaining committed to the administration of existing schemes, the firm wanted to play an active part in providing pension scheme closure solutions.
Howorth claimed the DB buy-out market was poised for significant innovation and expansion.
According to Howarth, the two firms planned to develop an India-based service business in the hopes of achieving a cost advantage in the market.
JLT will also look to add to the services it sources from India thus enhancing its own competitive position, he said.
By Damain Clarkson
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