Law Debenture p l c : Clara-Pensions reaches agreement for Sears Retail Pension Scheme to enter into pension superfund

• Sears' c. 9,600 Scheme members will become the first to enter a UK pension Superfund as they begin their journey to an insured buyout
• Clara to provide £30m of new capital to increase the security of members' benefit

The Clara-Pension Trust ("Clara") has today announced that it has entered into an agreement with the Sears Retail Pension Scheme ("Sears Scheme") which will result in the pension benefits of the Scheme's 9,600 members being transferred into its pension superfund.

Under the terms of the transaction, members of the Sears Scheme will benefit from an immediate injection of £30 million of ring-fenced capital. The transaction is an important stepping stone in providing the members with a managed journey to an insured buyout, which is expected to take place within the next decade, and will give members the security of a fully insured pension.

The Trustees of the Sears Retail Pension Scheme have written to the Scheme's c. 9,600 members informing them of the intention to transfer their pension benefits to Clara. Clearance for the transfer has now been received from The Pensions Regulator, and the formal transfer of members will proceed at the end of November.

Following the transfer to Clara, the administration of the Sears Scheme will continue to be undertaken by Isio (formerly Premier Pensions).