Part VII Transfer

Welcome to the Part VII Transfer section of our website

On 11 January 2011, with FSA approval, Paternoster UK Limited became a wholly owned subsidiary of The Goldman Sachs Group, Inc. Further to this change of ownership (which was approved by the Financial Services Authority, the statutory regulator of financial services in the UK) both Rothesay Life (also a wholly owned subsidiary of Goldman Sachs) and Paternoster agreed to begin the process for transferring Paternoster’s long term business to Rothesay Life. The transfer gives rise to a number of efficiency savings in terms of capital, and also in administrative and management costs.

The transfer was achieved through a Scheme of Transfer under Part VII of the Financial Services and Markets Act 2000 which was submitted to the High Court for its approval on 8 December 2011 and became effective on 14 December 2011.

The legal process to achieve the transfer required the appointment of an Independent Expert to report on the likely effects. The Independent Expert concluded that neither the security of policyholder benefits nor the benefit expectations of the policyholders of Paternoster and Rothesay Life would be materially adversely affected by the proposed transfer. Full details of the Independent Expert's report can found in the Document Library.