Clara Pensions has agreed a transaction with Trustee of the Wates Pension Fund to fully take on and deliver its members' pensions. Founded over 125 years ago, Wates is one of the UK’s leading family-owned development, building, and property maintenance companies.

This is the third UK superfund transaction and the first with an active sponsor, demonstrating the broad appeal of Clara. 

The 1,500 members of the Wates Pension Fund will now join Clara. Similar to the existing 20,000 members supported by Clara from the Sears and Debenhams pension scheme transactions, all members will continue to receive their pensions entitlement, now backed by additional capital from Clara and the parent company, Wates.

Van Lanschot Kempen Investment Management UK is the fiduciary manager of Clara Pensions – the UK’s only member-first superfund for defined benefit pension schemes. Van Lanschot Kempen’s partnership with Clara Pensions focuses on the future pathway for many UK pension schemes to insurance buyout, bolstering Van Lanschot Kempen’s position as one of the most innovative fiduciary managers in the UK.

As part of this long-term partnership, Van Lanschot Kempen has worked closely together with Clara to obtain regulatory approval from TPR for all transactions and has developed customised portfolios to provide the benefits to incoming members.

Alastair Greenlees, Head of Investment Strategy, at Van Lanschot Kempen, said: “This third transaction marks a significant milestone for Van Lanschot Kempen’s partnership with Clara, securing a further 1,500 pension scheme members’ journeys towards buy-out. 

“This transaction demonstrates that superfunds are not just an attractive option for schemes in distress.  As the first transaction that has an “active” sponsor, this deal clearly demonstrates the larger role that superfunds can play in the UK pensions landscape. We expect it to pave the way for the wider use of superfunds where additional capital can bring greater security to members and be an attractive option to sponsors.

“As Clara’s longstanding partner and its fiduciary manager, our role is to design and implement a portfolio which is fully focused on delivering the benefits to members aiming to take the lowest risk necessary. As the pace of change in the UK pension industry continues to accelerate, and superfund transactions become a more attractive options for a wider range of schemes, expert asset allocation and strategic innovation becomes even more important.

“We are exceptionally proud of our partnership with Clara and our ability to provide UK pension schemes with the full range of investment end-game solutions to ensure members’ secure retirement.”

About Van Lanschot Kempen Investment Management
Van Lanschot Kempen Investment Management is a specialist investment manager with a focused approach and a clear investment philosophy. We believe in long-term stewardship for our clients and other stakeholders. Van Lanschot Kempen Investment Management provides sustainable returns, fiduciary management services, manager selection, portfolio construction and monitoring, alongside a number of actively-managed investment strategies. As of 30 June 2024, Van Lanschot Kempen Investment Management had a total of €112.9 billion in client assets.

About Van Lanschot Kempen
Van Lanschot Kempen is an independent, specialist wealth manager active in private banking, investment management and investment banking, with the aim of preserving and creating wealth, in a sustainable way, for both its clients and the society of which it is part. Through our long-term focus, we create positive financial and nonfinancial value. Listed at Euronext Amsterdam, Van Lanschot Kempen is the Netherlands’ oldest independent financial services company, with a history dating back to 1737.

Disclaimer
This is a marketing message.

Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested. Past performance provides no guarantee for the future.

This news release does not constitute an offer or solicitation for the sale, purchase or acquisition in any other way or subscription to any financial instrument and is not a recommendation to perform or refrain from performing any action.

Van Lanschot Kempen Investment Management (UK) Ltd is authorised and regulated by the Financial Conduct Authority (Firm Reference No. 166063).