The trustees of the Videndum defined benefit (DB) Pension Scheme have agreed a deal to transfer the scheme to Clara-Pensions, which will see around 500 members and £43m in assets transferred to the Clara Pension Trust.

As part of the transaction, Clara will provide an injection of additional ringfenced capital, designed to strengthen the security of members’ benefits from the point of transfer.

Members will continue to receive their full pension entitlements following the move.

LCP acted as the trustee’s actuarial, investment and covenant advisers on the deal, advising the trustee on assessing the transfer to Clara against The Pension Regulator's superfund gateway tests and on providing the actuarial certification required for the transfer to proceed.

In addition, it advised on all aspects of managing the transaction's investment risks.

Mercer led the transaction on behalf of the trustee, while Aretas Trustees also provided support.

Clara-Pensions chief transactions officer, Matt Wilmington, welcomed the transaction, thanking those involved and highlighting the benefits of the superfund model.

“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,” he continued.

“Superfunds continue to demonstrably increase member security and provide a more certain journey to an insured future.”

Wilmington also noted that Clara continues to innovate and is working with a wide range of schemes, with a strong pipeline expected to deliver further transactions.

Also commenting, Videndum plc group company secretary, Jon Bolton, noted that the company had been working “over a long period of time” to secure members’ benefits and that, with the scheme now in a stronger financial position, the transfer to Clara would further strengthen long-term security.

Meanwhile, Aretas Trustees partner and director, Tom Stockley, said the trustees had carefully assessed all available options, stressing that their overriding priority had been the long-term security of members’ benefits.

He stressed that the transaction ensures members’ pensions are “secured into the future”.

Aretas Trustees partner and director, Cath Williams, added that Clara’s “bridge-to-buyout model” and member-first approach had given the trustees confidence that members’ interests would remain protected over the long term.

She also described the process as constructive and straightforward, and thanked the advisory teams, Videndum and Clara for delivering the solution.

Discussing the deal, Mercer director, Jonathan Repp, said: “This agreement shows how superfunds like Clara can make pensions safer for members, trustees and employers now and in the future.”

He highlighted the importance of a practical and cooperative approach to successfully delivering such transactions.

Looking ahead, LCP partner and head of DB consolidation, Laura Amin, claimed that 2026 is shaping up to be “a pivotal year” for the sector, citing both the anticipated legislative framework through the Pension Schemes Bill and the emergence of new providers.

She added that Clara’s pipeline of more than 30 schemes reflects growing engagement across the market, with trustees and sponsors increasingly considering superfunds as part of their endgame planning.

Van Lanschot Kempen managing director and head of client solutions UK, Nikesh Patel, described the transaction as another "clear example" of the broadening end-game environment for UK DB pension schemes, and the continued momentum for superfunds within it.

"Clara continues to demonstrate the strength of well-structured, flexible solutions for different schemes in different situations."

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