Lawrence Churchill, the heavyweight who once served as the chairman of the Pension Protection Fund (PPF) was appointed as the inaugural chairman of Clara Pensions, an emerging consolidator company. He has been lined up to head the pioneering new company that is aiming to consolidate traditional pension schemes in order to harness economies of scale.
Churchill is a well-known industry figure and the founding chairman of the PPF. He will be bringing 40 years experience to his new position at the company. He has previously served as the chairman of NEST from 2010 to 2015 and the Financial Services Compensation Scheme from 2012 to 2018.
His appointment comes after Clara announced the appointment of Alan Pickering as the chairman of its trustee board, working alongside Frank Oldham and Michael Chatterton.
Clara has some ambitious plans in order to blaze a new business model that caters to employers that want to rid themselves of costly, time-consuming legacy pension arrangements long since closed to their existing employees.
Clara claims that it acts as a “bridge” for members from their current company sponsor to the insured market.
He will be taking up the role alongside his current positions as the chairman of the Pensions Policy Institute and as the chairman of the Independent Governance Committee for Prudential.
Lawrence Churchill, stated:”Spurred on by encouragement from the government, financial consolidation for defined benefit pension schemes has emerged as the newest frontier.
I am greatly looking forward to helping pioneer what will hopefully become the route of choice for transferring pension savers from their pension scheme to a safer insured future.”
The chief execute of Clara, Adam Saron, stated: “As a life-long advocate for putting the interests of members and savers above all else, Lawrence truly embodies the member-first spirit on which Clara is built.”
The announcement comes as firm, most recently British Airways, are considering to enter lucrative agreements in order to insure the large liabilities that are attached to their pension schemes.