First 'superfund' deal paves the way for a new era for DB schemes

The £590m Sears Retail Pension Scheme became the first final salary scheme to take the plunge, with its deal secured on Friday (3 November). The deal was struck with Clara Pensions - the UK's only authorised superfund provider - which will now inject £30m of ring-fenced funding to support the scheme and its 9,600 members. The funding will act as a buffer for the scheme to improve member security on its path to an insured buyout in the next decade. In a statement, the Sears Retail Pension Scheme said it was "confident that the proposed transfer is firmly in our members' best interes...