Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 23 OCTOBER 2026

The Growth Of Pensions Superfunds – A Practical Summary On Clara Transactions

Burges Salmon LLP
Burges Salmon LLP
Contributor
Burges Salmon LLP

Burges Salmon LLP

Burges Salmon is an ambitious, sustainable and inclusive firm that ensures its clients, people and...

View firm profile
Explore more from Burges Salmon LLP

Pension superfunds like Clara offer defined benefit schemes an alternative route to insurance buy-out, providing regulated consolidation with dedicated capital buffers at potentially lower costs.

United KingdomEmployment and HR
Clive Pugh
Clive Pugh

From our work on Clara transactions for a significant number of schemes, we have had numerous requests for a headline summary as to how they work and what are the benefits.

We have written a short statement on this, which is in pdf here, and summary below -

http://openpublications.burges-salmon.com/clara-capability-statement/71302675

What is a superfund?

A pension superfund is a consolidator vehicle for defined benefit pension schemes, which enables:

  • a scheme to transfer its assets and liabilities to a regulated independently run structure;
  • a dedicated capital buffer; and
  • a secure bridge to insurance over time, for schemes that are not yet able to achieve buy-out.

Clara is the only current active superfund; new superfund models are expected shortly.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

UK Right To Work Checks: What Changes On 1 October 2026

The UK's right-to-work regime is undergoing a fundamental transformation that will extend compliance obligations far beyond traditional employment relationships. From 1 October 2026, businesses engaging contractors, agency workers, platform-based workers, and complex supply chains will face new liability risks that travel up entire contracting chains. Understanding these changes and implementing the required contractual terms, substitution controls, and identity verification systems is now critical for orga
United KingdomEmployment and HR
Mishcon de Reya LLP
Mishcon de Reya LLP
Article

Employment Case Law Update | Autumn 2026 – Unfair Dismissal, Equal Pay And Discrimination

Recent UK employment law decisions have reshaped how employers must approach part-time worker protection, philosophical belief discrimination, freedom of speech in academic settings, and equal pay claims. These landmark cases establish new precedents for workplace policies, disciplinary procedures, and compensation structures that could significantly impact organizational practices.
United KingdomEmployment and HR
Shakespeare Martineau LLP
Shakespeare Martineau LLP
Article

Prevention Of Illegal Working — Key Changes Taking Effect 1 October 2026

The UK's illegal working regime has undergone its most significant expansion since inception, extending right to work obligations beyond traditional employment to encompass workers, individual subcontractors, and platform-based arrangements. A new "extended liability" framework now exposes businesses throughout supply chains to civil penalties of up to £60,000 per illegal worker, even where they lack direct contractual relationships.
United KingdomEmployment and HR
Mayer Brown
Mayer Brown
Article

Acas Publishes Fully Revised Draft Code Of Practice On Disciplinary And Grievance Procedures

On 30 July 2026, Acas published a fully revised draft Code of Practice on Disciplinary and Grievance Procedures, marking the first comprehensive update since 2015. The proposed changes introduce significant new requirements around informal resolution, reasonable adjustments for disabled workers, and updated guidance on suspension, mediation, and the right to be accompanied at workplace meetings.
United KingdomEmployment and HR
Winckworth Sherwood LLP
Winckworth Sherwood LLP
Article

Reward Autumn Update 2026

The autumn 2026 edition of the Reward update examines significant proposals to reform directors' remuneration reporting requirements, including changes to the DRR and removal of the annual shareholder advisory vote. It also covers FCA consultation on solo-regulated firms' remuneration, the impact of Employment Rights Act changes on share plans, equal pay reform proposals, and updates to AIM rules affecting corporate governance and remuneration disclosure.
United KingdomEmployment and HR
Macfarlanes LLP
Macfarlanes LLP
Article

Ten AI Giants, One Regulator And A Lesson For Everyone Else: What The ICO’s Foundation Model Report Really Tells Us

The UK's Information Commissioner's Office has completed its supervision of major AI foundation model developers, revealing significant gaps in data protection practices and setting new expectations for legitimate interests assessments, transparency, and special category data handling. The regulator has now turned its attention to agentic AI systems, warning that autonomy is not an excuse for poor compliance and launching a call for evidence that will shape future regulatory guidance.
United KingdomPrivacy
Burges Salmon LLP
Burges Salmon LLP
Article

Evolution Delivered: What Regulation (EU) 2026/2202 Means For EU261 Reform

The European Union has enacted its most comprehensive overhaul of passenger rights legislation in over twenty years, introducing significant operational changes for airlines while maintaining the core architecture of the existing compensation framework. With implementation required by October 2027, carriers face expanded obligations around automatic reimbursements, rerouting rights, and assistance provisions, alongside new clarity on extraordinary circumstances and claims procedures.
European UnionMedia, Telecoms, IT, Entertainment
Burges Salmon LLP
Burges Salmon LLP
Article

The EU Kids Act: Not Just A Social Media Ban, And Not Just An EU Problem

The European Commission has proposed the EU KIDS Act, a comprehensive regulation that extends far beyond a simple social media ban for under-13s. This ambitious framework introduces tiered age-based restrictions, safety-by-design obligations across digital services including AI chatbots and online games, and mandatory certified age-verification systems. With potential fines reaching 6% of global turnover and enforcement mechanisms piggybacking on existing DSA machinery, organisations offering digital servic
European UnionMedia, Telecoms, IT, Entertainment
Burges Salmon LLP
Burges Salmon LLP
Article

When A Chatbot Becomes A Search Engine: Lessons From The Commission’s Latest DSA Designations

The European Commission has designated ChatGPT as a Very Large Online Search Engine under the Digital Services Act, marking the first time a generative AI assistant has been classified this way. This designation, alongside Reddit and Roblox being named as Very Large Online Platforms, introduces systemic risk assessment obligations, independent audits, and advertising transparency requirements that most AI products have not previously faced. What does this mean for other AI assistants with web-search capabil
BelgiumTechnology
Burges Salmon LLP
Burges Salmon LLP
Article

Crypto, Front Companies And Sanctions Evasion: The NCA’s $5.2 Million Forfeiture

The National Crime Agency has secured the forfeiture of over $5.2 million from an agricultural trading company following a civil recovery investigation into suspected money laundering and sanctions evasion. The case involved complex international fund flows through multiple jurisdictions, cryptocurrency conversion, and alleged connections to entities later designated under US sanctions for facilitating illicit Iranian oil sales.
United KingdomCriminal Law
Burges Salmon LLP
Burges Salmon LLP
Article

ICO Consults On Draft Guidance On Anonymisation And Pseudonymisation For Research

The Information Commissioner's Office has launched a consultation on draft guidance addressing anonymisation and pseudonymisation for research, archiving and statistical purposes. This guidance provides critical insight into how organisations should apply data minimisation principles in modern research practices, including AI development, trusted research environments, and synthetic data generation.
United KingdomPrivacy
Burges Salmon LLP
Burges Salmon LLP
Article

Regulating AI In Healthcare: National Commission Sets Out UK Framework

The National Commission into the Regulation of AI in Healthcare has published comprehensive recommendations that are expected to shape the future regulatory framework for AI technologies in UK healthcare. These recommendations address the safe adoption of AI across diagnostics, medical research, and clinical decision-making while establishing safeguards to maintain public confidence. The report introduces a lifecycle approach to regulation, emphasizing ongoing monitoring rather than just initial approval, a
United KingdomFood, Drugs, Healthcare, Life Sciences
Burges Salmon LLP
Burges Salmon LLP
Article

A Consumer Duty Focus On Supervision And Enforcement – What Changes Now That The Consumer Duty Has Teeth?

The FCA has ended its grace period for Consumer Duty compliance and is now actively using supervisory and enforcement powers to ensure firms deliver good consumer outcomes. With 11 open investigations spanning insurance, pensions, wealth management, and other sectors, plus 382 supervisory interventions in the last financial year, regulators are scrutinizing whether firms have truly embedded Consumer Duty frameworks into their operations. Fair value assessments, vulnerability support, and outcomes monitoring
United KingdomFinance and Banking
Burges Salmon LLP
Burges Salmon LLP
Article

Broad Changes To MHRA Proposed Under UK Health Bill

The UK Government has introduced sweeping reforms to the regulatory framework governing medicines and medical devices through amendments to the Health Bill currently progressing through Parliament. These proposed changes would grant the Secretary of State new powers to establish a licensing regime for medical devices and enable faster regulatory updates in response to scientific and technological advances.
United KingdomFood, Drugs, Healthcare, Life Sciences
Burges Salmon LLP
Burges Salmon LLP
Article

FCA Opens New Criminal Money Laundering Investigation

The Financial Conduct Authority has launched a criminal investigation into Euro Exchange Securities UK Ltd for potential breaches of the Money Laundering Regulations 2017, marking the regulator's first major criminal probe into money laundering offences since 2021. The investigation focuses on alleged failures in risk assessment, customer due diligence, and internal controls between 2020 and 2026, with potential sanctions including imprisonment and unlimited fines.
United KingdomCriminal Law
Burges Salmon LLP
Burges Salmon LLP