Van Lanschot Kempen Investment Management UK (“Van Lanschot Kempen”) is pleased to support Clara Pensions (“Clara”), the member-first consolidator for defined benefit pension schemes, on its latest superfund transaction with the Church Mission Society (“CMS”) and the Trustee of the CMS Pension Scheme (the “Scheme”).
The agreement marks another significant landmark for the UK superfunds industry representing both, the first transaction with a not-for-profit sponsor in addition to the first use of Clara Pensions’ connected covenant solution.
The transaction will see the pensions of Scheme members, transferred to Clara. Members will continue to receive their full pension entitlements, with the transaction backed by significant financial contributions from both CMS and Clara.
To be implemented in conjunction with Van Lanschot Kempen, the transaction marks the first use of Clara’s connected covenant structure. This solution will allow a continuing contingent guarantee from CMS alongside Clara’s capital commitment, thereby providing an additional layer of long-term security for members, as well as helping to strengthen the financial safeguards in place as the Scheme progresses towards an insured buy-out.
Van Lanschot Kempen is the investment manager of Clara. Its partnership with the firm strongly focuses on the future pathway for many UK pension schemes, bolstering Van Lanschot Kempen’s position as one of the most innovative fiduciary managers in the UK market.
As part of this long-term partnership, Van Lanschot Kempen has worked closely together with Clara, which is the only DB consolidator to have completed the Pensions Regulator’s assessment process, developing customised portfolios to the benefit of incoming members.
Andre Keijsers, CEO at Van Lanschot Kempen Investment Management UK, said: “This transaction marks another important step for Clara as it welcomes new members into the superfund, helping to safeguard their journey to an insured buyout. Marking the industry’s very first use of a connected covenant structure, Clara has provided yet another solution that works to fill a key gap in the market for schemes with strong sponsors that are well-funded, while also showcasing the broadening role superfunds can play within the UK pensions market endgame environment. We are proud of our long-standing partnership with Clara and are pleased to deliver bespoke and innovative solutions that help UK pension schemes secure a stable retirement for their members.”
Clara now looks after more than 21,000 members. The agreement today follows the launch of Clara’s new private markets investment vehicle that was created in conjunction with Van Lanschot Kempen, and comes after three prior transactions most recently, a transaction with the Trustees of the Wates Pension Fund (December 2024).
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