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- Insights
November 27, 2025
Inside the first Superfund Summit
Yesterday marked another first in the world of superfunds – the inaugural Superfund Summit. More than 70 advisers, partners and friends of Clara joined us to analyse the Superfund story so far, and what comes next.
This group, which represented many of those involved in Clara-Pensions’s first four transactions, heard from a range of speakers.
Matt Wilmington, Clara’s Chief Transaction Officer, opened proceedings by thanking our attendees, without whom today would not have been possible.
The first two years of superfund members
Simon True, Clara’s CEO, then ran through his learnings from the four transactions and over 20,000 members to have joined Clara so far.
Firstly, that with 5,000 defined benefit schemes still operating in the UK, a one size fits all solution was never going to work. As Clara’s transactions show, each situation will be different, from taking members out of PPF assessment with Debenhams to enabling Wates to provide additional member security in the context of a thriving sponsor.
Secondly, that the need to innovate continues, especially as interest in superfunds – and requests to price for potential transactions – continues to grow. Schemes with a collective £12bn of liabilities have spoken to Clara and asked for pricing in recent times. And Clara is already innovating on new ways to support schemes, including smaller schemes, and schemes that can’t yet afford Clara.
Thirdly, that competition to Clara will arrive, that the superfunds market will grow and diversify, and that this is absolutely a good thing for members and trustees.
And finally, perhaps most importantly, that “Member first” is far more than a logo or a slogan. It guides everything that Clara has done and will do going forwards.
Life inside Clara for members
Our first panel, chaired by Louise Ellisdon, featured Alan Pickering, Chair of the Clara Pension Trust Trustee board, and Jayne Pocock FPMI, Head of Trustee Services at Clara.
Alan touched on the importance of ensuring members who enter Clara get “what it says on the tin”, and that member-first is not a label but a promise. Drawing on the power of the word ‘member’, he likened Clara’s trustees to foster parents, guiding members through their journey to buy-out.
Building on this, Jayne stressed that continuity is key for members. By understanding and emulating the communications members receive before joining Clara – and then looking at what more can be done or added to improve it still further – you create member reassurance. She also explained how multiple avenues of communication has quickly become the standard for Clara member comms.
Building a resilient, flexible investment strategy
Clara’s Sam Tomes picked the brains of Alastair Greenlees, CFA, Head of UK Investment Strategy at Van Lanschot Kempen, on Clara’s investment strategy.
Through several vehicle related analogies (we had planes, trains and automobiles), Al and Sam walked us through Clara’s investment journey-to-date. The initial portfolio had to be built innovatively, owing to Clara’s unique solution, and as such focused on a mix of high-quality credit assets.
Since then, headwinds and tailwinds, driven by domestic and international politics, have made this strategy require constant thought and adjustment, with TPR’s robust guidance at the heart of all investment decisions.
The recent launch of Clara’s Private Markets Vehicle was also a key feature of the discussion, as both Sam and Al explained how it enables Clara to be more innovative in its illiquid asset strategy, seizing opportunities as they arise, and optimising the buy-out process when ready.
The Pension Schemes Bill and the future
Fiona James (she/her), Regulatory Theme Lead at The Pensions Regulator; Joe Dabrowski Deputy Director of Policy and Regulation at Pensions UK; and Calum Cooper, Head of Pension Policy Innovation at Hymans Robertson discussed what’s next.
All panellists agreed the Pension Schemes Bill is fundamentally positive news. It provides the legislative footing to allow the superfund market to grow. This has been evidenced by the growing noise around new entrants and continued appetite to transact with Clara.
There was also agreement that the Bill, in its current form, is not perfect. The gateway tests, while modified in the current draft of the Bill, would still benefit from further movement in the panel’s view.
The (former) Minister for Superfunds
We also heard from Guy Opperman, the former Pensions Minister who played an important role in the initial development of superfunds during his time in office.
He remarked on the progress that has been made, anecdotally noting an event like today’s would have been impossible even 5 years ago – a marked contrast from the full room he spoke to. He was keen to stress the importance of departmental alignment and congratulated the current government on the progress being made in the pensions sector.
Nodding to potential new entrants, he also stressed the importance of getting the secondary legislation right – a sentiment all panellists were quick to agree with.
An afternoon to remember
Thank you to everyone who attended, especially our panellists and moderators, and to everyone who has played a role in creating the superfunds market so far.
We look forward to continuing to work together to grow this market, increase member security and continue to put members first.
