Publication
Low carbon projects
Low carbon projects, especially those involving hydrogen and Carbon Capture and Storage (CCS), play a crucial role in the journey towards global decarbonisation.
Clara Pensions agrees UK's first superfund deal
United Kingdom | Publication | November 2023
On November 6, 2023, the trustees of the £590m Sears Retail Pension Scheme reached an agreement to enter into the UK’s first ever superfund transaction with Clara Pensions. A superfund is an arrangement set up to consolidate DB schemes’ liabilities, in which the link to the sponsoring employer is severed following transfer.
The deal, which has been cleared by the Regulator, will see Clara make an additional £30m of ring-fenced funding to support the 9,600-member scheme. The scheme’s assets will be used to generate returns to pay pensions, with the aim of securing a full buy-out deal with an insurer within five to ten years.
This long-awaited first transaction is seen as significant for both Clara and the pensions industry as a whole. It has the potential to be the catalyst for transformative change in the pensions industry, providing a “safe bridge” bringing the insurance market into reach for more schemes and their members.
Partner
Email
lesley.browning@nortonrosefulbright.com
Recent publications
Publication
Navigating the IPO
Taking your company public is an important milestone, and whilst the landscape for IPOs is complex and dynamic, choosing the right path is essential.
Publication
REMA Summer Update: ‘no’ to zonal pricing, ‘yes’ to reformed national pricing
On 10 July 2025, the UK government published its Review of Electricity Market Arrangements (REMA) Summer Update, which sets out the long-awaited outcome of the REMA programme and next steps towards a decarbonised, affordable, secure and efficient electricity market.
Subscribe and stay up to date with the latest legal news, information and events . . .