Overview of the first ever superfund deal

A major evolution in endgame strategies for defined benefit pensions schemes saw the first superfund consolidator deal completed between Sears Retail Pension Scheme and Clara-Pensions. In the first of a series of three videos, BW's Matt Tickle and Rod Goodyer talk to Dan Adams, Chief Commercial Officer at Clara, to reveal insights into the deal, BW’s key role and what it means for the wider industry.

BW played a central role in the successful completion of this landmark deal which saw 9,600 Sears scheme members become the first to enter a UK pension superfund. Clara will provide £30m of new capital to increase the security of members’ benefits.

Head of Investment Consulting Rod Goodyer and Chief Investment Officer Matt Tickle had been investment advisers to the Sears trustees for over eight years ahead of the deal.

In this video, Matt speaks with Dan to introduce an overview of the deal, describing what it means for members of the Sears scheme and how it has resulted in an increase in the number of enquiries to Clara from schemes looking for a similar solution.

Rod offers insights into Sears and other schemes’ perspectives, sharing his view of how we as advisers to the ceding trustees look to evaluate potential transactions such as this. He explains how BW look to work with schemes in relation to their settlement options.