The firm has appointed Lawrence Churchill CBE, who it says “brings more than 40 years’ experience in financial services, 30 of which have been at board level.”
Mr Churchill was also the founding chairman of the Pension Protection Fund and advised on the passage of the Pensions Act 2004 through Parliament, which established both the PPF and The Pensions Regulator.
Clara-Pensions has revealed it is establishing a new consolidation vehicle for defined benefit schemes, which its says “will act as a bridge for members from their current company sponsor to the insured market.”
Mr Churchill will act in a non-executive capacity for the company.
In addition to his new chairmanship at Clara, Mr Churchill currently holds roles as the chairman of the Pensions Policy Institute and chairman of Prudential’s independent governance committee.
Adam Saron, CEO of Clara-Pensions, said: “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.
“We are privileged to have Lawrence acting as our chairman.
“He will be an invaluable asset to Clara, particularly in our liaison with key industry stakeholders, regulators and Government, as we look to establish a new solution for the defined benefit pensions challenge.”
Mr Churchill said: “I have devoted my career to forging innovative solutions for the important issues that impact members’ pensions.
“Spurred on by encouragement from the Government, financial consolidation for defined benefit pension schemes has emerged as the newest frontier.
“Joining Clara, which is at the forefront of this nascent industry, is a significant opportunity for me.
“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.”