Six UK pension schemes for Italian car components producer Marelli are transferring to Clara Pensions. The deal means 3,300 members and £250m of assets are moving to the superfund under a single master agreement, with the final transfer due to take place next month. 

In an industry first, the schemes, which range in size from £1m to £125m, are being put into a single section in the Clara Trust, instead of completing a transaction for each. The three smallest schemes would be unlikely to access the superfund model on a standalone basis, according to the consolidator. 

Clara, backed by Sixth Street, will inject extra capital to take the schemes to buyout. 

The idea of moving to a consolidator had been proposed by Zedra Governance before becoming joint effort, said client director Alastair Meeks. Zedra is the sole trustee for all six schemes. 

"It's been a really collaborative effort, and I've got to pay tribute to my counterparts at the companies, they've been absolutely wonderful on the transaction throughout,” he said. 

The transaction was agreed amid international restructuring at the sponsor. Karen Myring, legal and compliance at Marelli UK, said: “The pension schemes represented an important consideration as we progressed our wider corporate plans. Reaching agreement with Clara provides greater certainty for members while allowing all six schemes to be addressed through a single transaction.” 

Matt Wilmington, chief transactions officer at Clara Pensions, called it a “particularly innovative transaction” because of the number and range of schemes involved. 

“Scale is a major part of what makes this possible. Half of these schemes would be too small to access a superfund, but by bringing them together we can provide all members with access to the same enhanced security and clear journey towards insured buyout,” Wilmington said. 

The trustees were advised by LCP and law firms Sackers and Squire Patton Boggs, while Marelli UK had advice from Burges Salmon and BDO. Clara took legal advice from CMS. The Clara trustee used lawyers at Eversheds Sutherland, and Hymans Robertson was Clara’s actuary.

Clive Pugh, partner at Burges Salmon, said: “I expect this deal to encourage other employers with several legacy schemes to look seriously at whether superfunds could work for them.” 

Clara recently announced several transactions, including with the £135m Arco Group scheme, an unnamed £40m scheme, and with the £43m Videndum defined benefit scheme. 

In April, the legal basis for superfunds was finally provided in the Pension Schemes Act 2026, following several years during which the Pensions Regulator operated an interim framework. The legal certainty is likely to be a factor in the increase in schemes joining Clara.