Clara Pensions has completed its agreement with the Sears Retail Pension Scheme, confirming that the pension benefits of the scheme’s 9,600 members have now been transferred into the superfund.

As part of the terms of the deal, members of the Sears scheme are expected to benefit from an additional £30m of ring-fenced capital.

The deal was described as an “important stepping stone” in providing members with a managed journey to an insured buyout, which is expected to take place within the next decade and will give members the security of a fully insured pension.

Clearance for the transfer was approved by The Pensions Regulator in early November, and the formal transfer of the scheme’s members was completed on 28 November.

The administration of the scheme will continue to be undertaken by Isio.

Commenting on the completed deal, Clara Pension Trust trustee director, on behalf of Law Debenture Pension Trust Corporation, Lynne Rawcliffe, stated: “I’m delighted by the completion of this first-of-its-kind project that places the benefits of pension savers front and centre by improving the scheme’s security, governance and risk management, as well as representing a significant milestone in advancing members’ progression towards a fully insured buyout in the years ahead.

“I am grateful for the collaboration between all trustees, advisers and other stakeholders, which made this important landmark for our industry possible”.

Industry experts also suggested that the news of the UK's first superfund transaction could act as a catalyst for "transformative change" in the pensions industry, with LCP estimating that there could be £5bn or more of further superfund transactions in the next few years.

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