Clara Pensions, a new defined benefit (DB) consolidator which plans to formally launch later this year, has appointed Lawrence Churchill as chairman of its corporate board.
Mr Churchill was the founding chairman of the Pension Protection Fund (PPF) and advised on the passage of the Pensions Act 2004 through Parliament, which established both the PPF and The Pensions Regulator.
Currently he is also chairman of the Pensions Policy Institute and chairman of the Independent Governance Committee for Prudential.
Clara will focus solely on fully-funded schemes and target smaller pension funds, with the goal to act as a bridge for members from their current company sponsor to the insured market.
Mr Churchill said: "I have devoted my career to forging innovative solutions for the important issues that impact members’ pensions.
"Spurred on by encouragement from the government, financial consolidation for defined benefit pension schemes has emerged as the newest frontier.
"Joining Clara, which is at the forefront of this nascent industry, is a significant opportunity for me.
"I am greatly looking forward to helping pioneer what will hopefully become the route of choice for transferring pension savers from their pension scheme to a safer insured future."
According to Adam Saron, chief executive of Clara Pensions, Mr Churchill embodies the "member-first spirit on which Clara is built".
He said: "We are privileged to have Lawrence [Churchill] acting as our chairman.
"He will be an invaluable asset to Clara, particularly in our liaison with key industry stakeholders, regulators and government, as we look to establish a new solution for the DB pensions challenge."
FTAdviser reported on Thursday (13 September) that TPR is expecting to have a role in approving consolidation transactions in the DB market.
maria.espadinha@ft.com
