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Paternoster doubles assets in Q1

Paternoster has doubled its pension scheme assets under management in quarter one of this year and now has liabilities totalling £411.7m.

At the end of quarter one 2007 the total value of assets transferred to Paternoster was £260m which represents a growth of 111 per cent quarter on quarter.

Paternoster is the annuity provider to members of 19 schemes representing 8,700 scheme members and expects to have another five transactions completed by September.

Chief executive Mark Wood says: “The total market volume for the quarter is expected to have been in the region of £600 million of liabilities, representing a 50 per cent increase on the same quarter last year.

“There are currently five transactions set to take place before September which are expected to bring another £2.5 billion of assets into the market. This is the equivalent to the total market for 2006 and strong evidence of a rapidly growing sector.”

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