• Over 3,300 members across six schemes ranging from approximately £1m to £125m will transfer together into a single section of the Clara Pension Trust under one master agreement
• Transaction provides the sponsor with certainty across all six schemes, and was agreed against a tight timetable driven by wider corporate activity
• Marelli announcement follows recent transactions in September and October as superfund market continues to accelerate

13 OCTOBER 2026, LONDON: Clara Pensions (“Clara”), the member-first consolidator for defined benefit pension schemes, has reached agreement to transfer six pension schemes from the same company into a single section of the Clara Pension Trust.

The transaction, which represents an industry first, covers over 3,300 members across the six schemes with a combined value of approximately £250m. The schemes vary significantly in size, from approximately £1m to £125m

Rather than completing six separate transactions, the schemes will transfer under a single master agreement into one section of the Clara Pension Trust. The structure allows the schemes to benefit from Clara’s economies-of-scale as a collective, including the three smallest schemes which would be unlikely to access the superfund model on a standalone basis.

The agreement was reached against a tight and complex timetable owing to wider corporate activity involving the sponsor, and provides a single solution allowing the sponsor to address its legacy pension obligations together.

As with Clara’s previous transactions, additional capital will be provided by Clara to enhance the security of members’ benefits. Members will continue to receive their pension entitlements and will begin their journey towards an insured buyout following transfer.  Clara is backed by Sixth Street, a global, multi-strategy private capital investment firm with deep experience across the pension risk transfer industry.

Matt Wilmington, Chief Transactions Officer at Clara Pensions, said:

“This has been a particularly innovative transaction because of both the number and range of schemes involved. Bringing together the six schemes has enabled the members to benefit from both the additional security provided by the Clara solution and significant economies of scale.

“Scale is a major part of what makes this possible. Half of these schemes would be too small to access a superfund, but by bringing them together we can provide all members with access to the same enhanced security and clear journey towards insured buyout.

“It also demonstrates the flexibility and speed of execution that Clara can provide alongside wider corporate activity. We are very pleased to have worked with the sponsor, trustees and advisers to deliver a solution across all six schemes within a demanding timetable.”

Karen Myring, Legal & Compliance, at Marelli UK said:

“The pension schemes represented an important consideration as we progressed our wider corporate plans. Reaching agreement with Clara provides greater certainty for members while allowing all six schemes to be addressed through a single transaction.

“We are pleased to have worked constructively with the trustees, Clara and our advisers to reach an outcome that supports both our members and the future of the business.”

Sam Jenkins, Partner at LCP and lead Risk Transfer adviser to the Trustee said:

“This first-of-its-kind transfer of multiple schemes demonstrates what can be achieved when all parties work together to navigate a complex transaction. Meeting a challenging timeline required multidisciplinary expertise and a solution-focused approach, underpinned by close collaboration across the Trustee, sponsor, Clara and all advisers.

LCP’s experience of Clara transactions and the regulator’s expectations, combined with specialist support from our actuarial, administration, covenant and investment teams, was instrumental in completing the transfer and finding a secure home for members’ benefits.”

Clive Pugh, Partner at Burges Salmon, said:

“The superfund market has not seen a six scheme transaction before, and it called for creative thinking from everyone at the table. For our client, the pensions solution was in the context of wider corporate activity so we were delighted to be able to deliver the project on an accelerated basis.

What makes this deal stand out for me is that it works on both sides of the pensions equation. Our client has actively met its legacy liabilities, while members, including those in the very smallest schemes, are protected.

Transactions like this only get over the line when everyone involved is pulling in the same direction. I would like to thank in particular our client’s fantastic team and BDO who were also advising our client, as well as the trustees, Clara and all of the professional teams for their pragmatism and commitment throughout. I expect this deal to encourage other employers with several legacy schemes to look seriously at whether superfunds could work for them.”

Alastair Meeks, Client Director at Zedra Governance, said: 

“We are very pleased to have secured a successful outcome for the schemes that achieves both sponsor and pension scheme objectives, and to have done so quickly and efficiently. Our thanks go to our core team of Lane Clark & Peacock, Sackers and Squire Patton Boggs, who have helped us deliver this result for our members.

“We also recognise the support of the sponsor and its advisers throughout the process, and the collaborative approach taken by Clara. Ultimately, this is about providing greater security for our members and pensioners, and we are pleased to have achieved that.”

Marelli UK were advised by Burges Salmon and BDO. The Trustee of the schemes was Zedra who were advised by Sackers, Squire Patton Boggs and LCP.  Clara received legal advice from Cameron McKenna Nabarro Olswang LLP (“CMS”) and the Clara Trustee received advice from Eversheds Sutherland. Hymans Robertson provided Scheme Actuarial services to Clara.

Media contacts

Clara-Pensions: [email protected]

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 7 superfund transactions covering more than 23,500 members and £1.6bn in assets under management.

With a growing pipeline of schemes and increasing interest from trustees and sponsors, Clara continues to demonstrate the role consolidation can play in improving member outcomes and providing solutions across schemes of different sizes, structures and circumstances.

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

About Sixth Street

Sixth Street is a global investment firm with over $140 billion in assets under management and committed capital. The firm uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes and offer solutions to companies across all stages of growth. Founded in 2009, Sixth Street has more than 750 team members including approximately 300 investment professionals around the world. For more information, and additional disclosures, visit www.sixthstreet.com, and follow Sixth Street on LinkedIn.