|
Paternoster
has reported a business growth of 550 per cent over the last year.
The insurance company, which takes responsibility for the risks
associated with companies’ defined benefit (DB) pensions schemes,
has been approved as the annuity provider for 41 schemes, representing
50,000 scheme members and over £9million of monthly annuity
payments. To date, Paternoster looks after £2.388bn of assets
on behalf of trustees.
Mark Wood, chief executive at Paternoster, commented: “Many
of the schemes we are working with have substantially immunised
themselves against the fall in equity markets by moving into fixed
interest instruments. Our new business pipeline continues to grow
and we anticipate up to as much as £5bn of active quotations
could transact in the remainder of the year, bringing the full year
to £10-12bn.”
-
Pensions Age July 2008
|
