Advising Clara Trustee on fifth UK superfund transaction

Clara’s latest transaction utilised a streamlined set of terms and demonstrates Clara’s innovation and commitment to expanding the potential number of defined benefit schemes able to access consolidation and increase member security.

Clara operates a “bridge to buyout” model, whereby transferring schemes are placed in ringfenced sections of the Scheme, and additional capital from Clara’s investors (led by Sixth Street) are provided as a funding buffer. The ultimate aim is to secure member benefits in full via a buyout with an insurance company.

Eversheds Sutherland has advised the Clara Trustee on all of its previous transactions, including in November 2023 (Sears Retail Pension Scheme), March 2024 (Debenhams Retirement Benefits Scheme), December 2024 (Wates Defined Benefit Pension Scheme), June 2025 (the Church Mission Society Pension Fund).

The team was led by the pensions team at Eversheds Sutherland, including Partners Jeremy Goodwin and Emma King, supported by Legal Director James Ellis, Principal Associate Tom Meyrick and Associates Emma Wojick and Tom Green.

Commercial advice on the transition of administration services was provided by Partner Simon Lightman and Senior Associate Rawan Saraireh, with data privacy input from Partner Lorna Doggett and Senior Associate Carolyn Sullivan.

James Ellis, Legal Director at Eversheds Sutherland, commented:

“We are very pleased to have assisted the Clara Trustees with this latest transaction and look forward to many more in the future. This continues to demonstrate that Clara is a flexible option for schemes of various sizes.”

Alan Pickering, Chair of Clara Trustees Limited, commented:

“We are delighted to welcome the Videndum members into the Clara community. As ever, we appreciate the outstanding level of support received from the Eversheds Sutherland team, the Clara team and their advisers and we look forward to working together on many more projects in the future.”

The Eversheds Sutherland pension team has seen continued growth over the last couple of months with the appointment of partners Simon Borham and Craig Looker in London and Leeds, respectively. The firm has also recently announced 25 partner promotions including James Ellis, Jen Green and Sarah Lown in the pensions team, effective from 1 May.