Chrysalis Group offloads DB pension scheme

Chrysalis Group has selected Paternoster to administer its defined benefit (DB) pension scheme, and take on the risks associated with running the plan.

Members of the Chrysalis Group Retirement Benefits Scheme have been notified by the trustees.

Michael Connole, group finance director at the independent music company, said: “We are delighted to have been able to complete a process which our shareholders, employees and pensioners will benefit from. Price was always an important factor but the key was the selection of an organisation that could tailor their offering to meet or objectives, rather than force us through a standard process.”

The total assets now secured by Paternoster are in excess of £1.6bn.

Mark Wood, chief executive of Paternoster, said: “Paternoster is delighted to have worked with the trustees and company on this complex transaction. We are clear that the security of members’ pension benefits is our prime responsibility. In particularly turbulent investment conditions, members’ benefits have been fully secured.”