UK's Clara-Pensions becomes first TPR-assessed DB superfund

Clara-Pensions has become the UK's first defined benefit (DB) superfund to complete The Pensions Regulator’s (TPR) assessment process.

As reported by our sister title, Pensions Age, TPR stated that Clara had met its “tough new standards” of governance and administration that it had set out to ensure assessed DB superfunds met its expectations to protect savers.

As a result, Clara is now able to being to onboard pension schemes and offer a secure solution to ceding trustees and sponsors, with the superfund confirming that it is "ready for transactions".

The superfund has been listed on TPR's new online list of assessed DB superfunds, which shows where superfunds have met TPR's expectations, with TPR executive director of frontline regulation, Nicola Parish, highlighting this as a "vital tool for trustees and employers".

“We are determined to protect savers and so potential customers of a superfund on our list can have the confidence that the scheme has been through a rigorous assessment process to show they are fit for purpose," she continued.

"It is vital however, that trustees and employers still carry out their own thorough due diligence to ensure they are confident a superfund is the right option for their particular scheme and members, and only consider a superfund which is on our list.

"We expect employers considering a superfund to come to us for clearance.”

Clara-Pensions, which was initially founded over four years ago, has also highlighted the successful assessment process as a "remarkable team effort".

"Today’s confirmation that Clara has completed TPR’s assessment process marks an incredibly important step forward in our journey to provide safer pensions," said Clara-Pensions CEO, Adam Saron.

"Clara’s member-first model is ready for transactions. We now turn our attention to our first transactions and our first pension scheme members.

"We’d encourage trustees, employers and advisers considering consolidation to get in touch to discuss their options, as we plan our transactions for the coming year.”

Adding to this, Clara Pension Trust chair, Alan Pickering, highlighted the announcement as "good news not just for for Clara but also the whole pensions sector".

"Our role as trustees is to ensure that Clara remains member-first and offers safer pensions," he continued.

"We’ve been closely involved in engagement with TPR to demonstrate the strength of our role and that member interests are at the heart of the Clara model. We look forward to providing better outcomes for members as we welcome them to Clara.”

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