HSBC scheme completes £7bn longevity swap with PICA

James Phillips
clock • 2 min read

The HSBC Bank (UK) Pension Scheme has hedged its longevity risk with Prudential Insurance Company of America (PICA) in the second-largest ever deal of its type.

The insurer, a subsidiary of Prudential Financial, has covered the longevity risk of around £7bn of pensioner liabilities, providing long-term protection to the scheme. The deal uses a captive s...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Join now

 

Already a Professional Pensions
member?

Login

James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

More on Risk Reduction

The value of capital-backed journey plans on the path to endgame

The value of capital-backed journey plans on the path to endgame

The value of capital-backed journey plans on the path to endgame

Ian Wright
clock 09 June 2025 • 4 min read
Grant Thornton scheme completes £275m buy-in with Royal London

Grant Thornton scheme completes £275m buy-in with Royal London

Deal includes more than 2,200 members and is insurer’s largest external BPA deal to date

Jasmine Urquhart
clock 05 June 2025 • 2 min read
London Waste scheme completes £22m buy-in with Royal London

London Waste scheme completes £22m buy-in with Royal London

Bulk annuity transaction secures the benefits for around 200 members

Martin Richmond
clock 30 May 2025 • 2 min read
Trustpilot