• Report covers 14-month period to 31st December 2024 and details Clara’s first full year of looking after members’ benefits
• Clara recently completed its fourth transaction and continues to have a strong pipeline of schemes looking to transact

Clara Pensions (“Clara”), the UK’s first and so far only operational defined benefit superfund, has today published its inaugural full Annual Report, marking a further milestone in the company’s story.

The report, which covers the 14-month period to 31st December 2024, provides details of the first full year in which Clara managed members’ pensions. It provides an update on the member experience, Clara’s operational model and governance structures, the company’s approach to ESG, and its financial and operational performance. It follows a period of continued growth for Clara, which now has over 21,000 members and manages more than £1.4 billion in assets.

Simon True, CEO of Clara-Pensions, said: “This report marks a further important moment in Clara’s journey. As the UK’s first operational superfund, we are proud of the progress we’ve made in enhancing the security of thousands of members’ pensions. We’ve demonstrated that consolidation can work – and work well – for members, sponsors and the UK pensions ecosystem.

“Looking ahead, we remain focused on building momentum, working closely with trustees and sponsors, and preparing the way for a more permanent superfund regime through the Pensions Bill.”

The publication comes after a transformative 18 months for Clara. In addition to completing its first three transactions with the Sears, Debenhams and Wates schemes, Clara announced its fourth deal in June 2025 with the Church Mission Society Pension Scheme. 

Each transaction has featured a different scenario and demonstration of Clara’s flexibility:

• The Sears scheme faced no prospect of future support from its sponsor, with Clara significantly enhancing member security
• The Debenhams scheme, which was in PPF assessment, saw a significant increase to members benefits upon joining Clara
• Wates was the first transaction with an active sponsor
• And the Church Mission Society saw the use of Clara’s connected covenant model, retaining a link to the sponsor while enhancing member security through Clara’s injection of capital

Lawrence Churchill, Chaiman of Clara-Pensions, added: “Clara’s trailblazing of defined benefit consolidation has undoubtedly been a force for good. Already, the Clara Pension Trust is in the top 5% of DB schemes in the UK by size and will continue to grow in scale. 

“With the Pension Schemes Bill now having been introduced in Parliament, it is my sincere desire that the Government will focus on the opportunities – for members and for sponsors – a larger market of consolidators can provide.” 

ENDS

Notes to editors:

• Clara’s Annual Report and Accounts for 2024 can be accessed here
• Clara is backed by global investment firm Sixth Street and works with leading partners including Hymans Robertson and Van Lanschot Kempen