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Paternoster announces buy-out schemes of £300m

Defined-benefit consolidator Paternoster has announced that it has been selected by pension fund trustees as the annuity provider for schemes totalling £300 million in 2006.

At 2006 year end, the total value of assets transferred to Paternoster in relation to these was £123 million.

Chief executive Mark Wood says: “Since we received FSA authorisation last June we have seen interest in the transfer of the risk associated with defined benefit pension plans intensify. We have been selected by 15 schemes to date and are currently in dialogue with over 100 companies and their trustee boards.”

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