HSBC scheme completes £7bn longevity swap with PICA
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 solution...
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