Pension Buyout Experts Transformed by Turmoil

Summary

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LOOKING for winners in the current turmoil leads one to Paternoster, the pension buyout company set up by Mark Wood a couple of years ago, after he left Prudential.

For 18 months or so, he has laboured in the wilderness seeking to persuade companies to do business with him but being thwarted at most turns, partly because pension-plan sponsors took fright at the cost of transferring their scheme and its risks to him and partly because they did not really understand the offer.

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Pension Buyout Experts Transformed by Turmoil

The first half of this year has transformed the environment because stock markets and interest rates both rose. Higher equities provided a boost to the value of pension-scheme assets.

Higher interest rates meant that the discount rate for liabilities in...

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