Van Lanschot Kempen Logo

21 July 2026

Consolidators rising: the new power players in pensions

A new class of pension institution is emerging in the UK: capital-backed consolidators which sit between sponsor run-on and insurer buyout on the spectrum of endgame options, with Clara Pensions leading the charge.

Commercial consolidators, or superfunds, have moved quickly from theory into a viable option for schemes, challenging the long-standing assumption that buyout is the only way to secure member benefits. How trustees think about timing, cost and certainty in endgame decisions has changed with institutions such as Clara becoming difficult to ignore.

Read the article Read more about our Fiduciary Management services

Disclaimer
This document is issued by Van Lanschot Kempen Investment Management (UK) Ltd. (“VLK Investment Management (UK)’’) for information purposes only. The information contained in this document is of a general nature. No part of this document may be reproduced or copied without prior written consent from VLK Investment Management (UK). This document is subject to revision at any time and VLK Investment Management (UK) is not obliged to inform you of any changes made to this document. VLK Investment Management (UK) is registered in England & Wales with registration number 02833264. Registered office at 20 Gracechurch Street, London EC3V 0BG Tel: 0203 636 9400. VLK Investment Management (UK) is authorised and regulated by the Financial Conduct Authority (Firm Reference No. 166063). VLK Investment Management (UK) does not accept any responsibility or liability caused by any action or omission taken in reliance upon information herein.
This document should not be considered as the giving of investment advice by of VLK Investment Management (UK) or any of its members, directors, officers, agents, employees or advisers. In particular, this document does not constitute an offer, solicitation or invitation to enter into a transaction, including with respect to the purchase or sale of any security interest or other in any jurisdiction. Neither this document nor anything contained in this document shall form the basis of any contract or commitment whatsoever. This document is not intended to provide and should not be relied on for accounting, legal or tax advice, or investment recommendations. No responsibility can be accepted for errors of fact obtained from third parties, and this data may change with market conditions.

There’s a saying in Dutch, Kom verder, it means many things and it’s our business philosophy. It captures the way we work with clients but also the way we steer our investee companies to deliver shareholder value through active engagement.

Capital at risk. The value of investments and the income from them can fall as well as rise, and investors may not get back the amount originally invested. Past performance provides no guarantee for the future.

Van Lanschot Kempen Investment Management (UK) Limited is registered in England & Wales with registration number 02833264. Registered office at 20 Gracechurch Street, London, EC3V 0BG Tel: +44 (0)20 3636 9400. Van Lanschot Kempen Investment Management (UK) Ltd, is authorised and regulated by the Financial Conduct Authority (FCA) with reference number 166063.