Videndum DB Pension Scheme, the defined benefit pension fund for the manufacturer of hardware and software for the film industry, will transfer 500 members and £43m of assets to the member-first consolidator for defined contribution (DC) schemes, Clara-Pensions.
As with the previous transactions, Clara will also inject additional ringfenced capital into the scheme, immediately enhancing the security of benefits for members as they begin their journey to an insured buyout, it announced.
Clara received legal advice from Cameron McKenna Nabarro Olswang, and the trustees received advice from Eversheds Sutherland. Hymans Robertson provided Clara with scheme actuarial services.
Aretas Trustees, the corporate trustee of the Videndum fund, was advised by Mercer as risk transfer consultant, supported by Pinsent Masons, Trafalgar House Pensions Administration and LCP. Videndum received legal advice from Sacker & Partners.
This is the fifth transaction for Clara, having completed its first transaction in November 2023, which was also the UK’s first superfund transaction, where some 9,600 members of the Sears Retail Pension Scheme transferred to Clara.
Scheme members benefited from £30m of extra capital, which immediately improved member security and provided increased certainty on their journey to an insured buyout in five to 10 years’ time.
Meanwhile, in March 2024, Clara rescued 10,400 members of the Debenhams Retirement Scheme from the Pension Protection Fund (PPF) and restored full benefits for members. And in December 2024, it took on board 1,500 DB members from Wates Group, in its first active business transaction.
Jon Bolton, group company secretary at Videndum, said: “The company has been working over a long period of time to secure Videndum pension scheme members’ benefits. With the scheme now in a strong financial position, we have taken the decision to transfer the scheme to Clara, which will further strengthen and secure members’ benefits for the long term.”
Cath Williams, trustee director at Aretas Trustees, added: “Clara’s bridge-to-buyout model, alongside its clear member-first ethos, gave us confidence that members’ interests would remain protected over the long term.”
Matt Wilmington, chief transactions officer at Clara-Pensions, noted that superfunds continue to demonstrably increase member security and provide a more certain journey to an insured future.
He said: “Clara continues to innovate, and we are working closely with a wide range of schemes to deliver an improved outcome for their members.”
Wilmington added that Clara has a “strong pipeline” and anticipates announcing further transactions “soon”.
Jonathan Repp, director at Mercer, said: “This agreement shows how superfunds like Clara can make pensions safer for members, trustees and employers now and in the future. From our work on other superfund deals, we know a practical, cooperative approach helps make these transactions successful.”
Repp added that active discussions are “underway” with “over 30 schemes” of different sizes and shapes. He expects that with the Pension Schemes Bill nearing completion, superfunds will soon be on a permanent legislative footing.
Laura Amin, partner and head of DB consolidation at LCP, said that 2026 is lining up to be a “pivotal year” for the superfund market with the forthcoming legal framework through the Pension Schemes Bill and with around three new providers understood to be working through The Pensions Regulator’s superfund assessment process – with the potential for an even more active and competitive market by the end of the year.
One of the new providers is TPT Retirement Solutions, which has announced its entry to the market with a £1bn run-on model in October 2025.
