Freshfields advises Sixth Street on the first transaction by Clara-Pensions, the UK’s first consolidator for defined benefit pension schemes
Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) advised Sixth Street on the development and launch of the Clara-Pensions retirement benefits consolidator together with the signing of its first transaction with the Trustees of the Sears Retail Pension Scheme.
Sixth Street is the lead investor in Clara-Pensions, the first superfund in the UK to obtain regulatory approval and to enter into its first transaction.
Clara’s consolidation model serves as a bridge to the insured market for the UK’s defined benefit pension schemes and their members. When a scheme enters Clara, its assets and liabilities are supported by capital from Clara’s capital providers, thus securing a lower-risk journey to buy-out. Only after Clara has fully secured promised benefits for its members is there any return to its capital providers.
The Freshfields team included Partner Andrew Murphy, Partner James Scott, Senior Legal Consultant Antonio Laino and Senior Associate Lauren Jackson.