Clara celebrated its first deal in style last night.

The deal with Sears’ Pension Scheme is the proof of concept for superfunds but it a £31m boost for the 9,500 pensioners and deferred pensioners who otherwise had the eventual prospect of the PPF looming – so weak the employer.

The deal was described as a win-win- win by Clara CEO Simon True last night, though in truth no deal can be without a downside and ultimately, the upside of roll on will be lost to buy out (is that me being picky).

It was good to be reminded that my old Hambro/Allied Dunbar/Eagle Star and Zurich boss – Lawrence Churchill – is now Chair of Clara. He needs to be teased about his origin story, but with a tip of the hat! There is no greater gentleman in pensions!

We understand that the first payroll for Sears pensioners has been run, and that one lucky pensioner got paid early – a proof of concept of the proof of concept.

We understand that the relationship between Sixth Street and Kempen is working as it should (in lockstep) and that assets are transitioning at pace.

Although I align myself with Edi Truell and the concept of the pension superfund in run-off, I am delighted that Clara has opened the door to more.

There can be no better use of the capital tied up in our banking system than in supporting the efforts of trustees and sponsors to pay pensions to the last penny and hopefully start taking on more liabilities as the pension system at last loads back up on risk.

As Bim Afolami MP told his audience in Westminster last week, if pension schemes cannot take risk – who can?

Amidst all the congratulations, two names need to be remembered, Adam Saron and his wife Clara. They were the inspiration and initial driving force and while no longer inside the tent, they are happily remembered.

But last night was about the future and what a future is emerging for us. Capital backed journeys are being commenced upon, reverse transfers (where DB schemes take on DC pots to pay pensions for life)  – are being discussed. Treasury and DWP are talking to each other civilly. The PRA and FCA are working with TPR. This is more like it.

The Clara / Sears deal is the first manifestation of a relationship between finance and pensions that puts the right risk back on the table . I am sure it will not be the last.

Many congratulations Clara