UK – Ron Sandler, the former NatWest and Lloyd’s of London executive who led a review of retail savings in 2002, has been appointed chairman of new defined benefit pensions buyout firm Paternoster.

Paternoster was set up earlier this year by former Prudential UK chief executive Mark Wood to take over DB schemes from companies.

Sandler joins other big finance names at the venture such as former Financial Services Authority chairman Sir Howard Davies and former Institute of Actuaries president Jeremy Goford. Paternoster has £500m backing from Deutsche Bank and hedge fund group Eton Park.

“It is a time of great change for pension provision in the UK and radical thinking is called for to address the situation,” Sandler said.

“Paternoster is clearly set to offer positive solutions to many UK organisations and, ultimately, to pension scheme members. This is an excellent opportunity to shape the future security of pensions.”

“Ron’s invaluable knowledge and experience will greatly benefit Paternoster,” Wood said.

Media reports have suggested that Paternoster, which originally said it was targeting mid-sized companies, may be about to take on larger pension deficits.

Sandler’s review recommended simple, standardised long-term savings products – inevitably dubbed ‘Sandler products’.

Sandler is currently chairman of Computacenter plc, Kyte Group and Oxygen plc, and a non-executive director of Fortis Group.

He was previously chief operating officer of NatWest Group and chief executive of Lloyd’s of London.