Pension agreement of the year Paternoster and Emap

Life & Pensions Awards

Economic theory suggests that increased competition has two main benefits for consumers - falling prices and greater innovation - and the UK's bulk purchase annuity sector's move from a duopoly to a market containing over a dozen members has been a case in point.

The past 18 months have seen a slew of innovative ideas - partial buyouts, syndication of large deals and longevity hedges to give just three examples - but Paternoster's decision to become scheme sponsor and assume all the data risk for