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The Actuary The magazine of the Institute & Faculty of Actuaries

More transfers of pension schemes to insurers

Paternoster, the regulated life insurer specialising in assumption of pension scheme liabilities, appeared to be outperforming its rivals as it assumed liabilities from oil company Eni LASMO and from Dubai Ports World (owner of shipping firm P&O). The LASMO transfer was stated to have involved the largest online auction of benefits, which was organised by Mercer and involved the transfer of £150m to Paternoster. The transfer in the case of P&O was reported as being much larger (approximately £800m) and represented the value of bond assets matching liabilities in respect of pensioner members. P&O will continue to manage the funds in respect of currently active members.