The trustees of the Videndum DB Pension Scheme have agreed to transfer the members and the assets of the scheme to the Clara Pension Trust.
All 500 members of the Videndum DB scheme and £43m of assets will transfer to the Clara Pension Trust, which will see Clara inject additional ringfenced capital into the scheme, enhancing the security of benefits for members as they begin their journey to an insured buy-out. Members will transfer to Clara shortly, where they will continue to receive their full pension entitlements.
“Having carefully assessed all options, we are really pleased to have guided the Scheme through this process. As trustees, our overriding priority throughout has been the long-term security of members’ benefits. This transaction means that our members’ pensions are secured into the future,” said Tom Stockley of Aretas Trustees.
“I want to give a warm welcome to the members of the Videndum DB scheme, and to say thank you to everyone involved for their hard work in improving the security of the members’ benefits. Superfunds continue to demonstrably increase member security and provide a more certain journey to an insured future. Clara continues to innovate, and we are working closely with a wide range of schemes to deliver an improved outcome for their members. We have a strong pipeline and anticipate announcing further transactions soon,” added Matt Wilmington, Chief Transactions Officer at Clara Pensions.
Mercer advised the trustees of the scheme.
“Leading this transaction on behalf of the Trustee of the Videndum Scheme we have been able to find the right solution for its members and the trustees. This agreement shows how superfunds like Clara can make pensions safer for members, trustees and employers now and in the future. From our work on other superfund deals, we know a practical, cooperative approach helps make these transactions successful. We congratulate the Trustee, Videndum and the scheme members on a great outcome and look forward to helping with similar transactions in the months ahead,” said Jonathan Repp, Director at Mercer.
