Paternoster innovates with buy-out profit share

News

Pensions buy-out start-up Paternoster has clinched its first deal, acquiring the £7.5 million assets of the Cuthbert Heath Family Plan by creating an innovative approach to profit sharing the mortality of high worth individuals within the scheme, according to GP Noble Trustees who represented the interest of members.

The 30 member scheme for the former Lloyd's underwriting company, which became insolvent in 2002, contained a couple of very large beneficiaries whose share of scheme assets, in