Paternoster, an insurance company which takes responsibility for the risks associated with companies’ defined benefit pension schemes, has appointed Jonathan Yates as a non-executive director.

Yates is the group finance director of Phoenix Group Holdings and has worked in the life assurance industry for over 25 years.

A qualified actuary specialising in life assurance, he was the chief executive of Life Assurance Holding Corporation and its principal subsidiary, Windsor Life Assurance, between 2004 and 2009. 

He has particular expertise in the fields of M&A work, reinsurance and the management of closed life funds.
 
Yates’ appointment follows the recent appointment of Julie Chakraverty as a non-executive director. 
 
After having served the company for over four years, Sir Howard Davies and Lord Leitch intend to step down from the board later in the year.
 
Ron Sandler, chairman, says: “We are delighted to welcome Jonathan to the board.  He brings a wealth of experience to the company and will be invaluable as the company embarks upon its next phase in helping pension schemes manage their risks.
 
“We are grateful for the input that Howard and Sandy have provided over the past four years and their support in the growth of Paternoster from new entrant to one of the market leaders in pension scheme de-risking.”