Clara-Pensions, the member-first consolidator for defined benefit pension schemes, welcomes the appointment of Richard Zugic as Chief Financial & Operating Officer.
Richard is joining Clara with 25 years’ experience in the pensions and life insurance industries. He is a Trustee of the Abbey Life defined benefit Pension Scheme, and joins Clara from Phoenix Group where he was the interim Chief Financial Officer of Phoenix Re, and previously the Group Chief Actuary. A qualified Actuary, Richard has a strong track record of delivery including the creation of Phoenix’s Bulk Purchase Annuity proposition.
As Clara progresses with preparations for its first transactions, it is restructuring the responsibilities within the senior management team. Kim Toker, Chief Operating Officer, and Andy McKinnon, Chief Financial Officer, will be leaving the business at the end of June 2023. Their responsibilities will be combined in the new role of Chief Financial & Operating Officer.
Andy has been an integral member of Clara’s senior team for the last two years.
As a Co-founder of Clara, Kim has been instrumental in developing Clara’s member- first focus, growing the team and building relationships with The Pensions Regulator, Clara’s strategic partners and the broader pensions industry.
Simon True, Chief Executive Officer of Clara-Pensions, said: “Both Kim and Andy have made invaluable contributions to the business and, on behalf of Clara, I would like to wish them all the best for their future endeavours.”
“I am delighted to be welcoming Richard to the newly-formed role of Chief Financial & Operating Officer. He brings an impressive track record in working with pension scheme Trustees to develop solutions for their members, as well as a deep understanding of the life insurance market. We are looking forward to working together as we accelerate towards our first transactions later this year.”
ENDS
Media contacts
Dave Chambers / Harriet Smith: clara@headlandconsultancy.com
About Clara-Pensions
Clara-Pensions is the member-first consolidator for defined benefit pension schemes.
It acts as a bridge for pension scheme members, from the company that currently supports their pension to a long-term insured future. Clara is the only commercial consolidator to have successfully completed The Pensions Regulator’s (tPR’s) assessment process.
Clara provides a safer pension promise today by combining its own capital and robust governance with additional contributions from sponsors, who can now transfer the burden of their pension liabilities to Clara. This frees up companies to focus on their future growth.
Clara will provide a managed journey to an insured buyout, giving members the security of a fully insured pension earlier. Only once all members have their full benefits secured will Clara provide a long-term return on capital for investors.
Clara completed tPR’s regulatory assessment process in November 2021 and built a strong pipeline of business in 2022. However, the extreme market volatility in the second half of the year meant that schemes’ funding positions drastically improved and they were able to achieve an insured buyout immediately.
During 2023, Clara has strengthened its pipeline and is working with a number of schemes on a transfer to Clara which will demonstrably improve member outcomes and provide them with a more secure route to buyout.