Clara’s model involves an injection of capital from its investors when pension schemes join. Credit: Owlie Productions/Shutterstock.

UK-based Defined Benefit (DB) pension superfund Clara-Pensions has selected RSM UK as its audit partner.

Clara operates as a bridge to the insurance market for DB pension schemes that are not yet ready to secure insurance directly.

The company’s model involves an injection of capital from its investors when pension schemes join, enhancing security for members and allowing for a de-risked investment strategy.

RSM UK will be responsible for auditing Clara’s pensions consolidation scheme.

Operating from 31 locations across the UK, RSM UK is engaged in providing audit, tax and consulting services to the middle market.

Clara-Pensions CEO Simon True said: “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.”

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In November 2023,  Clara added its first 9,600 members from the Sears Retail Pension Scheme. This was followed by the addition of 10,400 members from the Debenhams Pension Scheme in March 2024.

Currently, Clara has £1.2bn in assets under management and an active pipeline of schemes set to join.

RSM UK pensions head Ian Bell 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.”

Recently. RSM US and RSM UK have been in advanced discussions about a transatlantic merger, aiming to bolster their global client offerings and foster long-term growth.

The merger would create a combined entity with a presence in the US, UK and Canada, as well as Ireland, India, and El Salvador, backed by a workforce of 23,000 professionals and projected annual revenues of $5bn (£3.85bn).