Wates and Wates Trustee have come to a joint agreement to transfer defined benefit entitlements in the Wates Section of the Clara Pension Trust to Clara. Clara will take over responsibility for managing the benefits provided under the defined benefit section of the Fund and paying your pension benefits.

The transfer to Clara is expected to take place on or around 14 January 2025.

Clara specialises in managing member benefits transferred from pension schemes, like the Wates Section of the Clara Pension Trust. Clara is designed to offer greater security for members’ defined benefits than if the Fund continued with reliance solely on Wates (through a cash investment from Wates and additional capital from Clara).

If you are already receiving your Fund pension, there will be no interruption to the payments you are entitled to, or their value. If you are also a member of the defined contribution section of the Fund, your defined contribution benefits will remain in the Fund and will be unaffected.

Further detail can be found in the notification letter and FAQs you would have received in the post. On logging in to your Fund account you can also view a short video from the Wates CEO and Wates Trustee about the transfer to Clara.

If you have any questions about the transfer or Fund benefits in general, please contact the Fund Administrator LCP.