Hymans Robertson advises Debenhams Pension Scheme on first ever superfund transfer from PPF assessment

Hymans Robertson has advised Debenhams Pension Scheme and its Trustee on a £600m bulk transfer to Clara. The transaction sees the transfer of member benefits to Clara, in doing so exiting PPF assessment and restoring full benefits for members.

Vidett is the Chair of the Trustee Board and Hymans Robertson LLP is the lead transaction advisor to the Trustee of the Scheme. Osborne Clarke acted as legal advisor.

Commenting on the deal, Iain Pearce, Head of Alternative Risk Transfer and Lead Advisor, Hymans Robertson says:

“We’re thrilled to have secured this fantastic outcome and helped find a way for members to have their full entitlement restored by transferring benefits to Clara. This has been far from certain during the period since the Scheme entered PPF assessment in 2019. It has been exciting to support the emergence of superfunds as a new valuable option for trustees. It’s enabled the Trustees to continue, in challenging circumstances, to fulfil the promise previously given to members.

“The process and framework for a superfund transaction is very different to other de-risking solutions. We’re very pleased to have brought our experience of delivering innovative solutions to this transaction. Our clarity on the key requirements and commitment to engage positively with the de-risking market as a whole was also important in achieving this transaction. It’s great to see that it has resulted in such a positive result for members and to have maintained a very high level of confidence from all stakeholders from start to finish.”

Harry Allen, Senior Risk Transfer Consultant, Hymans Robertson added:

“It’s also been great to deliver this project within the PPF panel framework, which seeks to bring together industry experts for schemes in assessment to deliver the best possible outcomes for members. We expect that this will accelerate the process for building understanding and knowledge of superfund transfers within the industry, in doing so driving efficiency and reducing execution risk for these transactions.”

Following this successful transaction, Hymans Robertson is hosting a Webinar with Dan Adams from Clara, Jonathan Hazlett from Osborne Clarke and Tom Stockley from Vidett on 21 March to explore the key commercial areas of focus and practical considerations for a superfund transaction.