Paternoster, the annuity buyout company, will today receive the first set of assets from a company whose pension plan it is to take over. The transfer seals one of the five deals that the firm has won, details of which Financial News reported last month.

Paternoster will take on the assets and liabilities of the Cuthbert Heath Family Plan, and pay the plan's pensions for the first time on December 15. The value of the assets was not disclosed but sources close to the transaction say they are worth £10m (€14.9m).