LCP advises six Marelli schemes on their transfer to Clara in first of its kind transaction

LCP has acted as the lead adviser to the Trustee on the transfer of the six Marelli UK schemes, with over 3,300 members and £250m of assets, which marks the eighth transaction for Clara and another significant milestone for the superfund. In this first of its kind transaction, the six schemes will transfer together into a single section of the Clara Pension Trust.

LCP acted as the Trustee’s lead adviser on the transfer, providing risk transfer, actuarial, covenant, investment and administration (including data services). This included advice on the gateway principles, providing the actuarial certifications required for the transfers to go ahead, as well as advising on all aspects of managing the investment risks of the transaction and administration transfer of six schemes.

The outcome of the transaction is that c3,300 members of Marelli’s six UK defined benefit pension schemes and £250m of assets will transfer to the Clara Pension Trust. Members will transfer to Clara shortly, where they will continue to receive their full pension entitlements.

As with all previous transactions, Clara will also inject additional ringfenced capital, immediately enhancing the security for members benefits as they begin their journey to an insured buyout.

This transfer of six schemes together into a single section shows Clara’s flexibility to adapt its offering to a wider range of situations. The smaller of the Marelli’s schemes have assets of less than £10m and would not be able to transfer to Clara by themselves. This innovative combined transfer has enabled the members of the smaller schemes to access the same level of benefit security as the larger Marelli schemes.

This is the third Clara transfer that LCP has advised on where there is an ongoing employer, following the Wates scheme transfer to Clara in 2023 and the Videndum scheme’s transfer earlier this year.

Victoria Snowden, LCP Partner and Scheme Actuary to the Marelli schemes, said: “This project has taken a significant amount of collaborative effort from the Trustee, Clara, Company and all advisers over an accelerated timescale. I’m very proud of the work that the whole LCP team have completed across all areas to support the Trustee to achieve this outcome, which included getting all six schemes’ data and benefits “quotation ready” in just six weeks. In the last six months, we have tackled a range of complex benefit and data issues alongside the agreement of unprecedented contractual arrangements to help secure the benefits of over 3,300 members with Clara.”

Sam Jenkins, Partner at LCP and lead Risk Transfer adviser to the Trustee commented: “This first-of-its-kind transfer of multiple schemes demonstrates what can be achieved when all parties work together to navigate a complex transaction. Meeting a challenging timeline required multidisciplinary expertise and a solution-focused approach, underpinned by close collaboration across the Trustee, sponsor, Clara and all advisers. 

“LCP’s experience of Clara transactions and the regulator’s expectations, combined with specialist support from our actuarial, administration, covenant and investment teams, was instrumental in completing the transfer and finding a secure home for members’ benefits.” 

Helen Abbott, LCP Partner and covenant adviser to the Trustee, said  “We are really pleased to see the schemes transferring to Clara with the additional security that will bring for members. We have advised the Marelli schemes for many years and supported the trustees through challenging periods as their employer has been impacted by issues affecting the automotive sector.

“A great deal of work has gone into achieving this transfer for all of the schemes, and it hasn’t been without its complications. But the Trustee, employer and advisers have worked collaboratively with Clara to ensure its success.”

Laura Amin, Partner and Head of DB Consolidation at LCP, commented: “So far 2026 has been a record-breaking year for superfunds – with Clara having completed four deals this year to date and TPT Superfund expected to conclude its TPR assessment process in a matter of weeks with another provider known to be in assessment.

“2027 is shaping up to be a pivotal year with the potential for a more active and competitive superfund market bringing increased choice for members, trustees and sponsors.

“The growing momentum in this market demonstrated by the announcement today reflects the conversations we have been having with both sponsors and trustees who are, rightly, factoring superfunds into their endgame discussions when looking at the range of options available to securely deliver members’ benefits in the long-term.” 

LCP will be hosting a webinar taking a closer look at the deal and what schemes can learn from new approaches to DB consolidation. Register and find out more here.