Publication
The rising impact of secondary perils
It has been reported that at the beginning of June 2024 nine people died and over 2000 households have been demolished due to sever flooding in the Eastern Cape.
United Kingdom | Publication | November 2023
On November 6, 2023, the trustees of the £590m Sears Retail Pension Scheme reached an agreement to enter into the UK’s first ever superfund transaction with Clara Pensions. A superfund is an arrangement set up to consolidate DB schemes’ liabilities, in which the link to the sponsoring employer is severed following transfer.
The deal, which has been cleared by the Regulator, will see Clara make an additional £30m of ring-fenced funding to support the 9,600-member scheme. The scheme’s assets will be used to generate returns to pay pensions, with the aim of securing a full buy-out deal with an insurer within five to ten years.
This long-awaited first transaction is seen as significant for both Clara and the pensions industry as a whole. It has the potential to be the catalyst for transformative change in the pensions industry, providing a “safe bridge” bringing the insurance market into reach for more schemes and their members.
Publication
It has been reported that at the beginning of June 2024 nine people died and over 2000 households have been demolished due to sever flooding in the Eastern Cape.
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