Defined-benefit consolidator Paternoster says it has 70 scheme buyout deals in the pipeline, amounting to over £10bn in liabilities.Chief executive Mark Wood says the start-up firm, which signed its first deal last month, will reveal its contract deals in the next six weeks after the changes have been communicated to scheme members. Wood says the company has had a “highly lucrative” August and is in advanced negotiations with 70 employers with pension liabilities totalling over £10bn. He believes pension liabilities in the private sector have been underestimated by up to 35 per cent because of inadequate disclosure. Wood says business will be driven by the new FRS17 disclosure requirements, introduced in the Pensions Act 2004, which will more accurately reflect the true cost of liabilities. Firms have to disclose their liabilities under the new requirements for the first time later this month. Paternoster, which has Ron Sandler, Lord Turner and ex-FSA chairman Sir Howard Davies on its board, is moving from temporary offices in St Mary Axe in the City and aims to expand from 50 to 80 staff. Wood says: “The new FRS17 requirements will more clo- sely reflect the economic cost of schemes because at the moment the schemes are underestimated by as much as 35 per cent.”
Winterthur Life has posted a 75 per cent increase in half year single premium individual pensions business to £536m, up from £305m in the same period last year.
The news that Tony Blair is committed to leaving office next year will be viewed by many as a sign that a new beginning is on the way. A New, New Labour if you like.
Aegon says Government-subsidised advice should play a key role in the personal accounts savings scheme. The firm’s response to the Pensions White Paper closely resembles the ABI submission, and says the Government should provide subsidies for generic advice at key decision points. The generic advice would focus on basic affordability, debt management, affect on with […]
Guy Anker finds the arrival of point of sale offers is good for the market but discovers not everyone is rushing out to introduce the technology
Ewan Thompson, Head of Emerging Market Equities, Neptune Although in political terms 2016 will be remembered for the seismic shocks of the Brexit vote and Trump’s presidential victory, the year was also a watershed for the global economy and emerging markets in particular. Following five years in the wilderness, the conditions are now in place […]
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