General Counsel
Clara-Pensions
The startup provides defined benefit pension scheme consolidation services that enhance funding and governance for individuals' pensions. This approach ensures secure retirement benefits for members while allowing businesses to focus on growth without pension-related uncertainties.
- Enterprise Software
- Financial Technology
- Insurance Technology
Updated 6 months ago
Funding
Raised to date
$286.2MRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Funding rounds are not available yet.
Founders
Product
Problem
Many defined benefit pension schemes face challenges in maintaining adequate funding levels and robust governance, creating uncertainty for both pension members and sponsoring businesses. Companies often struggle to balance the demands of managing these schemes with the need to focus on core business activities and growth.
Solution
Clara provides a defined benefit pension superfund that consolidates pension schemes to enhance security for members and provide clarity for sponsors. Through a "Bridge to Buy-out" model, Clara offers a full transfer of assets and liabilities into a ringfenced section within the Clara Pension Trust, supported by buffer capital. This approach ensures that members receive their promised pension income while enabling businesses to remove pension obligations from their balance sheets and concentrate on future growth. Clara manages the assets with the objective of achieving an insurance buy-out within 5 to 10 years, offering enhanced protection and a well-governed path to insured benefits.
Target Audience
Clara's primary clients are pension scheme trustees and sponsoring businesses seeking to secure members' benefits, reduce risk, and remove pension obligations to focus on core business activities.
Features
- Full transfer of defined benefit pension schemes into a secure, ringfenced section
- Provision of buffer capital to enhance member security and facilitate the journey to buy-out
- Management of assets with the sole objective of achieving insurance buy-out within 5-10 years
- Compliance with strict criteria set out by The Pensions Regulator for superfunds
- Funding measured on a prudent Technical Provisions basis, providing >99% certainty of full benefits
- Option for a "connected covenant" allowing strong sponsors to remain involved and provide dual protection for members