Half of the deals sealed by Paternoster, the UK pension fund buyout venture launched last year, have been partial solutions, in which a pension fund insures a specific portion of its liabilities rather than the whole fund, a conference heard today.

The group has won liabilities worth £412m from 19 pension schemes since it gained regulatory approval last June. It was awarded £112m in liabilities in the first quarter of 2007, after it closed four deals.