The Pensions Management Institute (PMI) and Clara-Pensions have announced the launch of a new Academy Partnership that aims to enhance professional education on defined benefit (DB) pension superfunds.

The Superfund Academy Partnership is designed to improve industry understanding of the consolidation model.

Clara-Pensions was the first DB pension superfund to complete The Pensions Regulator’s (TPR) assessment process in 2021 and the first to secure a UK superfund deal with the Sears Pension Scheme last year.

The PMI’s Academy Partnerships are developed with those considered to be experts in the industry to share knowledge and best practices, and the partnership with Clara-Pensions is expected to give PMI members access to experience and resources to help improve their understanding and professional development.

Academy Partnerships involve hosting trainings workshops and webinars, as well as providing case studies and learning manuals for PMI members.

The PMI stated that its partnerships support innovation on current, pertinent issues and add value through the delivery of specialist knowledge, with the partnerships launching at the start of January 2024 and they will be available to pension scheme members across the UK.

Alongside the Superfund Academy Partnership, the PMI has renewed its Insight Partnerships with Wealth at Work, Scottish Widows, Insight Investment, Barnett Waddingham, Cardano, Schroders, Sackers, and Invesco.

The PMI said its Insight Partnerships enable firms to build brand awareness among trustees and the wider industry and demonstrate expertise in their sector or specialisms.

"The partnerships with Clara-Pensions will provide our members with unparalleled understanding from the leading superfund experts,” commented PMI CEO, Gareth Tancred.

“This is a particularly exciting time for us to partner with Clara-Pensions. On 6 November, Clara-Pensions agreed a deal with the £590m Sears scheme to complete the UK’s first superfund transaction. We are delighted to be working with Clara-Pensions at the time of this landmark event.

“We look forward to working with Clara-Pensions and our other existing partners in championing professional development in the pensions industry.”

Clara-Pensions head of trustee services, Jayne Pocock, added: “The first pension scheme members have now joined Clara-Pensions and we continue to see growing interest in the superfunds concept.

“With interest so high, and this idea still only a few years old, it felt like the perfect moment to join the PMI as an Academy Partner.

“We’re looking forward to working with the PMI to explain all the key elements and advantages of superfunds and the Clara-Pensions model specifically as our business continues to make defined benefit pensions safer.”

---