Paternoster wins deal for Lasmo pensions by Finance News Bulletin

Published: 12/12/07

All occasions are London occasion Search News in the FTcom siteSearchSearch Quotes in the FTcom siteQuotesCOMPANIES monetary servicesBreadcrumb trail navigation:FT house > Companies > By sector > Financial servicesServicesPaternoster, the privately-owned pensions collection, is taking on the defined-benefit pension scheme of Lasmo, the UK oil traveler owned by Italy’s Eni, after winning the largest-ever electronic auction for a pensions coupThe sale is thought to have to been hosted by Mercer, the pensions consultants, during October

Bidders competed to accuse Lasmo the lowest charge for assuming its pension scheme liabilities and supporting asset portfolio The combined worth of Lasmo’s pension assets and the premium salaried is believed to exceed £150m, making the scheme fully fundedThe failed bidders are unspoken to be AIG, the US insurer, and the UK’s dominant pensions coup insurers, lawful & General and Prudential It is unclear how long the sale took, but similar transactions have concluded in a matter of hours

Lasmo is the second contract that Paternoster has won involving a system sponsored by an Italian parent It assumed the pensions of a UK engineering supplementary of Fiat, the Italian carmaker, last dayBarclays sets up swap indices - Nov-12Problem dishonesty in 'strategy', not with trustees - Oct-29Pensions vote spurs extra cash - Jul-17Ministers oppose pensions help proposal - Jul-17Boosting pensions losers ‘a minefield’ - Jul-15MPs advise pension revolt - Jul-13More from this sectorMaverick porcelain Payment Profiles: porcelainpay, Providing Online sum Solutions for Chinese Banks Maverick China Research12/3/2007$1000Maverick porcelain Payment Profiles: 99Bill, Hot Out of the Gates, but Sustainable nonconformist China Research12/3/2007$1000BlogsBrussels BlogCharles PretzlikClive CrookDear LucyEconomists’ ForumEnergy FilterJohn GapperGideon RachmanTech BlogThe Undercover EconomistWestminster BlogWillem Buiter’s MavereconRegional pagesLatin American agendaChinaIndiaBrusselsInteractivePodcastsDebates & pollsAsk the expertMarkets Q&AJobs and classifiedsBusiness for saleContracts & tendersJobs Search kind your search criteria below:* Minimum delay 15 minutesAll era are London timeFT HomeSite mapContact usHelpAdvertise with the FTMedia centreStudent offersFT ConferencesFT SyndicationCorporate subscriptionsFT GroupPartner sites: Chinese FT

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