Prepare the vanilla bean: Split the vanilla pod in half lengthwise and use a small knife to scrape out the seeds. Place both the seeds and the empty pod into a saucepan along with the cream.
Infuse the cream: Heat the cream on low, uncovered, for about 10 minutes, allowing the vanilla to infuse. Once heated, remove from the stove and cover. Let it sit for one hour to enhance the flavor (skip this step if using vanilla paste; just allow the cream to cool to lukewarm). Remove the vanilla pod, and skim any skin formed on top.
Preheat the oven: Set your oven to 130°C/265°F (or 120°C for fan-forced). Arrange four ramekins (150 ml or ⅔ cup capacity each) inside a deep baking dish.
Boil water: Bring a kettle of water to a boil.
Whisk egg yolks and sugar: In a mixing bowl, whisk the egg yolks and caster sugar together until just combined. Be careful not to overwhisk, as this may cause bubbles to form.
Incorporate the cream: Gradually pour the infused cream into the egg mixture, stirring gently until fully incorporated. Divide the custard evenly between the ramekins using a ladle.
Water bath: Pour boiling water into the baking dish until it reaches halfway up the sides of the ramekins. Avoid adding too much water, as the ramekins may float.
Bake: Place the dish in the oven and bake for 35 to 40 minutes. The custard is done when it is set but still has a slight wobble in the center when gently shaken.
Chill: Once baked, remove the ramekins from the water bath and allow them to cool. Refrigerate for at least 6 hours, or ideally overnight. They can be stored in the fridge for up to 3 days.