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...

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James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

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