Squire Patton Boggs has advised Zedra Governance Limited, the sole professional trustee of six schemes sponsored by Marelli Automotive Systems UK Limited and Automotive Lighting UK Limited (“Marelli UK”), in connection with the transfer of the schemes to the commercial pension superfund, the Clara Pensions Trust.
The Squire Patton Boggs team was led by Pensions partners Chris Harper and Felix Weston, supported by partner Kirsty McLean, director Ali Heggie and associate Jessica Cuttriss, who advised on all benefits aspects and supported the Trustee through the due diligence process with Clara. Additional support was provided by Jeff Rothleder in the US and Charlotte Møller in the UK.
The transaction will provide greater certainty for the delivery of pension benefits for over 3,000 members. The transfer of approximately £250m of liabilities from Marelli’s UK six pension schemes into one section of Clara represents further innovation in the pension superfund market.
“Our team is proud to have supported a long-standing client during this significant project.” said Chris Harper. “It was a pleasure to work with the Trustee, Marelli, Clara and their advisers and other stakeholders in a complex and time critical transaction to achieve the successful transfer of all six schemes.”
