Simon True was named CEO of Clara-Pensions, the U.K. consolidator of defined benefit pension funds said in a news release Thursday.
Mr. True most recently was group corporate development director and group chief actuary with Phoenix Group.
He replaces Clara-Pensions founder Adam Saron, who will continue in an advisory role.
On Nov. 30, Clara-Pensions became the first superfund approved by The Pensions Regulator, allowing it to accept pension funds seeking to consolidate. Its model is considered a "bridge to buyout" because it gives pension funds a more cost-effective buyout method when interest rates, plan demographics and other factors make the timing right to purchase annuities. Clara-Pensions can also buy in or buy out tranches of one or more sections of plans if it chooses.
The first transactions are expected in mid-2022, and it could consolidate £5 billion ($6.6 billion) in defined benefit pension liabilities by the end of 2025, the release said.
Lawrence Churchill, chairman of Clara-Pensions, described Mr. Saron in the release as "a driving force in the creation of the DB consolidation market."
Given the interest expressed by pension fund trustees and sponsors, "we anticipate a period of significant activity ahead," Mr. Churchill said.