Clara-Pensions, the member-first consolidator for defined benefit pension schemes, and the first and only consolidator to successfully complete The Pensions Regulator’s assessment process, today (31st March 2022) announced the appointment of Simon True as Chief Executive.
Simon is a highly respected life insurance executive, with over thirty years of experience in the industry. His most recent executive role was the Group Corporate Development Director and Group Chief Actuary at the FTSE100 insurer Phoenix Group. He previously led the M&A teams within Resolution plc, and Resolution Operations both of which grew into FTSE100 businesses.
He takes over from Adam Saron who founded the business and successfully led it through its regulatory assessment process last year. Adam will continue in an advisory role.
Commenting on the appointment, Lawrence Churchill CBE, Clara’s Chairman, said:
“We would like to express our thanks and gratitude to Adam for his work in bringing Clara to its current position. He has been a driving force in the creation of the DB consolidation market and taken Clara from an idea to the point where we have a firm foundation for our future development.
“As Clara moves from its initial stage of Regulatory assessment to the next phase of accepting pension scheme members, we are delighted to have attracted someone of Simon’s industry stature, experience and reputation. Pension Trustees and Sponsors have expressed their clear interest in Clara’s solution, and we anticipate a period of significant activity ahead.”
Simon True, CEO of Clara-Pensions commented “I am excited by the opportunity of leading Clara in the next phase of its development. Having followed Clara as it has developed, it is clear it has a unique proposition to provide enhanced security for the benefits of hundreds of thousands of pension scheme members. I am looking forward to leading the Clara team and working with scheme trustees, sponsors, regulators and advisors to deliver improved outcomes for pension scheme members.”
Clara-Pensions successfully completed The Pensions Regulator’s assessment process for ‘superfunds’ at the end of November 2021. Clara is on track to consolidate £5bn in defined benefit pension scheme liabilities by the end of 2025.
ENDS
Media contacts
David Chambers – dchambers@headlandconsultancy.com / 020 3435 7465
Harriet Smith – hsmith@headlandconsultancy.com / 020 3435 7466
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 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.
For more information, please visit our website at www.clara-pensions.com
About Simon True
Simon was a member of the Executive team at the Phoenix Group from 2013-2020, latterly as Group Corporate Development Director and Group Chief Actuary where he led the group’s Strategy and M&A activity, the Group Actuarial and Phoenix Group Capital teams, and led the creation of Phoenix’s Bulk Purchase Annuity team.