Sackers advises Sears Retail Pension Scheme on first superfund deal

The trustees of the £590 million Sears Retail Pension Scheme have agreed to enter into the UK’s first ever superfund transaction with Clara-Pensions. The Sears Trustees have written to the 9,000 scheme members informing them of the intention to transfer their pension benefits to the Clara Pensions Trust. Clearance for the transfer has been received from TPR and the formal transfer of members will proceed at the end of November. Scheme members will benefit from an additional £30 million of ring-fenced funding to support the Scheme, improving member security and providing increased certainty on their journey to an insured buy-out.

Sackers is the long-standing adviser to the Sears Retail Pension Scheme.

For more information, read the full article in Professional Pensions.