Michael Clark was appointed CEO of the Pension SuperFund, London, the organization said in a news release Monday.
Mr. Clark was global head of pensions for Royal Dutch Shell from 2014 until November 2021, according to his LinkedIn profile. In that position, he oversaw 60 pension funds in more than 40 countries. Information on his successor at Shell was not immediately available.
Mr. Clark started with The Pension SuperFund in December. He replaces co-founder Luke Webster, who said in the release that the appointment "allows us to further enhance our governance and separation of duties." Mr. Webster will work with capital providers and Mr. Clark will lead the executive team and work with pension fund trustees.
Mr. Clark's appointment adds "considerable additional capacity as the organization moves towards a new phase of operations," Mr. Webster said. The Pension SuperFund is awaiting an assessment from The Pensions Regulator that would allow it to accept pension funds seeking to consolidate.
Pension SuperFund corporate Chairman Chris Hitchen said in the release that as it seeks regulatory approval, "it is vital that we have the right leadership structure in place to manage PSF's development as a custodian of pension obligations. Michael has a lifetime of experience in the pensions and will be able to bring that track record and experience to bear for our members, trustees and investors."
The Pension SuperFund "positively adds to the mix" of options for corporate pension trustees, Mr. Clark said in the release.
The Pension SuperFund is one of two known defined benefit pension consolidators in the U.K. Its model calls for pooling assets and liabilities into a single fund and does not target a buyout.
The other model, Clara-Pensions, London, calls for ring fencing every plan's assets and targeting a separate buyout for each. Clara-Pensions was the first superfund to be approved by The Pensions Regulator. Its first transactions are expected in mid-2022.
