RSM UK awarded Clara-Pensions audit

RSM UK has announced that it has been awarded the audit of Defined Benefit pension “super-fund” Clara-Pensions.

Clara is the first DB pension scheme consolidator to be authorised by The Pensions Regulator and to welcome members.

The company operates as a ‘bridge’ to insured buyout for corporate DB pension schemes who can’t yet reach the insurance market.

Clara welcomed its first 9,600 members from the Sears Retail Pension Scheme in November last year followed by a further 10,400 members from the Debenhams Pension Scheme in March 2024.

The company has an active pipeline of schemes looking to join Clara in the coming months and add to its £1.2bn of assets under management.

Ian Bell, RSM UK’s head of pensions, said: “Clara is the pensions industry’s first ever authorised superfund, so it’s exciting to be selected as their audit provider to support them on this journey.

“We look forward to working closely with Clara’s management team, given the complexity and timescales involved in delivering the corporate and pension scheme audits. The way Clara is structured presents some interesting audit challenges, and therefore our approach will need to be agile and innovative. We anticipate Clara will grow rapidly as demand for their unique offering will be high.”

Simon True, CEO of Clara-Pensions, added: “Clara’s appointment of RSM as our auditor continues our approach of sourcing a wide range of expert partners to support our work delivering something genuinely innovative to the pensions industry. Ian’s team will bring additional rigour and expertise to our business as it continues to grow into an organisation responsible for tens of thousands of members and several billion pounds of their pension assets.”