Paternoster has bought the Chrysalis Group pension scheme through an insured buyout and now has in excess of £1.6bn of assets in total.
The scheme members of Chrysalis – the independent music company – have already been notified by the trustees.
Paternoster chief executive Mark Wood says: “Paternoster is delighted to have worked with the trustees and company on this complex transaction. We are clear that the security of members’ pension benefits is our prime responsibility. The sale of part of Chrysalis created an opportunity to secure the pension promise through an insured buyout.
“We are told that we distinguished ourselves by responding quickly and efficiently to requests and demonstrated that we are the right home for their pensioners. In particularly turbulent investment conditions members’ benefits have been fully secured.”
Chrysalis group finance director Michael Connole says: “We are delighted to have been able to complete a process which our shareholders, employees and pensioners will benefit from. Price was always an important factor but the key was the selection of an organisation that could tailor their offering to meet our objectives, rather than force us through a standard process.”