• More than 400 members will join the Clara Pension Trust, beginning their journey to an insured buyout
• c£40m scheme becomes the second transaction through Clara’s Small Schemes Offering, broadening access to the superfund model for smaller DB schemes
• Members will be supported by the injection of additional capital from Clara to enhance the security of their benefits

2 September 2026, LONDON: Clara-Pensions (“Clara”), the member-first consolidator for defined benefit pension schemes, has reached agreement with the Trustee of an unnamed pension scheme (“the Scheme”) to transfer its members and assets to the Clara Pension Trust.

Under the agreement, more than 400 members of the Scheme and approximately £40m of assets will transfer to Clara. Clara will also inject additional capital to enhance the security of members’ benefits as they begin their journey towards an insured buyout. Members will continue to receive their full pension entitlements following the transfer.

The agreement represents the second transaction through Clara’s Small Schemes Offering (“SSO”), demonstrating how the superfund model can provide a practical endgame option for smaller defined benefit schemes.

Through the SSO, smaller schemes transfer into a pooled section of the Clara Pension Trust, allowing the costs of running the section to be shared across multiple schemes. Members receive the same enhanced financial security and journey towards an insured buyout as under Clara’s standard model.

The transaction follows the first scheme to use the SSO earlier this year and marks another step in Clara’s work to broaden access to consolidation for schemes of different sizes and circumstances.

“This is the second transaction through our Small Schemes Offering. Smaller schemes have historically had fewer endgame options available to them. By bringing schemes together within a pooled section, we can make the benefits of Clara’s model accessible to more members while maintaining the same focus on security and a clear path to buyout.”

Matt Wilmington
Chief Transactions Officer at Clara-Pensions

Media contacts

Clara-Pensions: [email protected]

Notes to editors

About Clara-Pensions

Clara-Pensions (“Clara”) is the UK’s leading defined benefit pension superfund, offering a secure, member-first solution for schemes on their journey to insured buyout.

Clara enables pension schemes to move to a stronger financial footing by combining its own capital with that of sponsors, robust governance and the benefits of scale, with the aim of delivering full benefits to members with greater certainty.

Since completing The Pensions Regulator’s assessment process in 2021, Clara has completed five superfund transactions covering more than 22,500 members and £1.4bn in assets under management.

Clara’s Small Schemes Offering is designed to provide schemes under £100m with access to enhanced member security through a pooled section of the Clara Pension Trust. By sharing the costs of operating a section across multiple schemes, the structure makes Clara’s bridge-to-buyout model more accessible to smaller schemes.

Clara is backed by global investment firm Sixth Street and supported by a range of leading partners across legal, actuarial, investment and fiduciary disciplines.