Paternoster completes line-up

Paternoster, the insurance company launched to take responsibility for the risks associated with companies’ final salary/defined benefit pension schemes, has put in place the last piece of the jigsaw by naming David Still of Prudential as its pricing director.

The appointment completes the management team of the business which was set up in April 2006 and gained FSA approval the following July, with Mark Wood, also ex-Prudential, in the hot seat.

Still will take responsibility for Paternoster’s pricing. He is a qualified actuary and fellow of the Institute of Actuaries and was previously business development director for Annuities at Prudential, where he was responsible for the development and ongoing management of pension and annuity products.

The initial development of Paternoster was funded by Numis and after securing £500m of equity financing from a number of institutions (including Deutsche Bank and Eton Park International). By the end of last year, Paternoster had secured member’s benefits for 10 schemes and paid its first pensioners on 15 December 2006