Clara Pensions has appointed Broadstone to administer a new section of the Clara Pension Trust following the transfer of Videndum Defined Benefit (DB) Pension Scheme members.

Last week, the trustees of the Videndum DB Pension Scheme agreed a deal to transfer to Clara Pensions, which will see around 500 members and £43m in assets move to the Clara Pension Trust.

Clara Pensions became the first DB superfund to complete The Pensions Regulator’s assessment process in 2021 and completed the UK's first superfund transaction with the Sears pension scheme in 2023.

Clara Pensions, chief member experience officer, Jayne Pocock, said: “We have an established relationship with Broadstone and a strong track record of working together to deliver high-quality, well-governed administration for members.

"Their appointment reflects our confidence in their capability, experience and member-focused approach.”

Broadstone was already part of Clara’s Third Party Administration panel and partnered with Clara Pensions following its transaction with Debenhams Retirement Scheme in 2024.

Broadstone head of administration operations, Paul Noone, commented: “We are pleased to be supporting Clara once more and look forward to working closely with all parties to ensure transferring members continue to receive a seamless, secure and well-governed service.

“As momentum in the superfund market grows and more transactions enhance member security, it is pivotal to deliver gold-standard administration services to support an outstanding customer experience.”

The deal to transfer Videndum DB pension scheme members to Clara Pensions represented the UK’s fifth superfund transaction.

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