Pension News Company Looks To Acquire Pensions Scheme 18388119

Company looks to acquire pensions scheme

11 December 2007 / by None
Paternoster is expected to reveal a successful pension takeover of Eni Lasmo this week, it has emerged.

The pension specialist has secured the deal with the UK oil exploration arm of Eni SpA, with up to ten further agreements set to be announced over the next fortnight, reports the Mail on Sunday.

The £150 million pension scheme from Eni Lasmo, the subsidiary of Italy-based Eni SpA, will see its assets transferred to Paternoster between now and Christmas, the article notes.

Paternoster is reported to have achieved the pension deal ahead of Prudential, American International Group and Legal and General.

Lasmo’s scheme has around 750 members, all of whose pension benefits are secured by Paternoster under the deal, the newspaper notes.

Pension experts believe larger companies are likely to offload their pension schemes in the future as pension fund trustees are assured that their member’s interests are not compromised, the article added.

Paternoster received the pension schemes of publishing and radio group in a deal worth £40 million last month, reports the Times.

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Written by Editorial Team