Distiller Morrison Bowmore has become the latest company to transfer its pension scheme to Mark Wood's Paternoster, the most successful of the new start-ups in the pension buy-out market.
Wood, the former UK chief executive of Prudential, has now bagged more than 30 pension schemes with a value of over £1.6bn for his regulated insurer which takes on pension assets and their risks.
It is estimated that £2.5bn of pension assets could change hands in the first quarter of this year - more than last year's total - and Paternoster, chaired by Ron Sandler, is already paying the pensions of 25,000 people.
The £30m fund - with 300 members - will transfer immediately to Paternoster, but the deal has been agreed on a "phased buy-out" basis, enabling Morrison Bowmore to continue to pay down the scheme's £3m deficit until the end of this year.
Mike Keiller, chief executive of Morrison Bowmore Distillers, which is based on Islay and owned by Japanese group Suntory, said: "Morrison Bowmore Distillers is delighted that after working with the trustees of the fund to find a buy-out solution, we have reached an agreement with Paternoster to secure member benefits.
"The company also benefits from a flexible and affordable contribution schedule which eliminates risk."
David Wilson, trustee of the Morrison Bowmore Distillers Pension Fund, commented: "Paternoster was able to come up with a solution tailored to our circumstances. This flexibility, together with their evident experience of having done this before, convinced us that they were the best option."
Wood said: "The trustees acted in the best interests of their members by taking advantage of the market conditions to secure their member benefits in full."
His new rivals in the market include Synesis Life and Pension Corporation. Goldman Sachs completed its first deal in the market recently, when it took control of the £800m Rank scheme.
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