UK - HSBC has made a one-off payment of £500m into its £6bn final salary scheme as part of a pre-emptive move to plug a growing deficit in the fund.
The bank increased its contributions into the scheme from 16.9% to 20% from August last year. The 2002 annual report showed the fund had a £1.8bn deficit. However, HSBC will not know the full sc...
To continue reading this article...
Join Professional Pensions
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date