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Sandler joins Paternoster

Ron Sandler has been signed up as chairman of closed life fund consolidator Paternoster.

Sandler achieved widespread recognition for the review of savings he carried out for the Treasury in 2001. He is chairman of financial education charity PFEG and former chief executive of Lloyd’s of London. He is also chairman of Computacenter, Kyte Group and Oxygen.

Paternoster, led by chief executive Mark Wood, has also brought in former FSA chairman Sir Howard Davies, former Zurich chief executive Lord Leitch and ex-Institute of Actuaries president Jeremy Goford to its non-executive board.

Paternoster has raised a war chest of 500m from a consortium of institutions led by Deutsche Bank and Eton Park International to buy up defined-benefit pension schemes from UK companies looking to offload pension liabilities.

Sandler says: “It is a time of great change for pension provision in the UK and radical thinking is called for. Paternoster is set to offer positive solutions to many UK organisations and, ultimately, to pension scheme members.”

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