Debenhams Offloads £600 Million of Pensions in UK Superfund Deal

Debenhams Plc, the British department-store chain that collapsed about four years ago, is transferring its pension obligations in what will be the UK’s second pension superfund deal.

The transaction will see Clara Pensions take over the £600 million ($768 million) in retirement plans of 10,400 Debenhams members, according to a statement Thursday. It’s also a first-of-its-kind deal involving the Pension Protection Fund following the insolvency of the retailer.

Clara Pensions operates a “bridge to buyout” model, which offers employers a way to sell their pension obligations instead of a traditional insurance buyout. It is backed by Sixth Street ...