Clara-Pensions, the member-first consolidator for defined benefit pension schemes, today announces it has appointed Lawrence Churchill CBE as Chairman of its corporate board.

Lawrence brings more than 40 years’ experience in financial services, 30 of which have been at board level. Most notably, Lawrence was the founding chairman of the Pension Protection Fund and advised on the passage of the Pensions Act 2004 through Parliament, which established both the PPF and the Pensions Regulator.

Clara is establishing a new consolidation vehicle for defined benefit schemes, which will act as a bridge for members from their current company sponsor to the insured market. Lawrence will act in a non-executive capacity for Clara.

Lawrence Churchill, Chairman of Clara-Pensions, said: “I have devoted my career to forging innovative solutions for the important issues that impact members’ pensions. Spurred on by encouragement from the Government, financial consolidation for defined benefit pension schemes has emerged as the newest frontier.

“Joining Clara, which is at the forefront of this nascent industry, is a significant opportunity for me. I am greatly looking forward to helping pioneer what will hopefully become the route of choice for transferring pension savers from their pension scheme to a safer insured future.”

Adam Saron, CEO of Clara-Pensions, said: “As a life-long advocate for putting the interests of members and savers above all else, Lawrence truly embodies the member-first spirit on which Clara is built.

“We are privileged to have Lawrence acting as our Chairman. He will be an invaluable asset to Clara, particularly in our liaison with key industry stakeholders, regulators and Government, as we look to establish a new solution for the defined benefit pensions challenge.”  

In addition to his new Chairmanship at Clara, Lawrence currently holds roles as the Chairman of the Pensions Policy Institute and Chairman of the Independent Governance Committee for Prudential.

His career history includes roles as Chairman at the Financial Services Compensation Scheme, Chairman of the National Employment Savings Trust, Senior Independent Director at Bupa, a member of the Board for Actuarial Standards, CEO at Zurich Financial Services UK, CEO of NatWest Life, and a member of the Board at the Association of British Insurers.

Lawrence’s appointment as Chairman is the latest development for Clara, as it prepares to launch formally in the coming months. It follows the recent announcement that it has appointed Alan Pickering CBE, Michael Chatterton and Frank Oldham as the first trustees of its independent governing board.