PATERNOSTER OUTSOURCES ACTUARY WORK TO INDIA

UK-based pensions run-off specialist Paternoster is setting up a specialist actuarial team in India. The 50-strong unit will consist of actuaries, associates and students. Paternoster CEO Mark Wood, previously head of Prudential’s UK life business, said that “there is certain amount of cost advantage that we are getting by setting up a team in India. But the most significant part is that we are getting intellectual advantage”. He said that £1m had already been invested in the Indian operation and a further £1m would be spent on training.