Clara Pensions has selected Broadstone as its third-party administrator, following an "extensive period of due diligence".

The appointment will allow Clara to use Broadstone’s administration services for future transactions, as Broadstone joins Hyman Robertson and Isio as Clara partners.

The appointment follows the £600m bulk transfer of Debenhams Retirement Scheme to Clara in April 2024, for which Broadstone will continue to provide administration services.

Commenting on the partnership, Broadstone head of pensions administration, Gavin Giles, said: “This marks the start of an exciting partnership with Clara, who are providing a real alternative to the traditional end-game journey for defined benefit (DB) pension schemes.

“It is clear they put members at the heart of everything they do, and we are delighted to be partnering with them to deliver their vision.”

Adding to this, Clara head of trustee services, Jayne Pocock, said: “We’re really happy that Broadstone has joined the Clara family.

“We’ve been very impressed by the quality of Broadstone’s pensions administration services and look forward to our members being able to benefit from them into the future.”

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

And more deals could be on the way, as Clara Pensions CEO, Simon True, recently suggested that the superfund's pipeline of deals has “more than doubled” to £10-15bn since the announcement of its first transaction.

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