EXCLUSIVE: HSBC's in-scheme annuitisation 'drove up DB liabilities'

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Allowing defined contribution (DC) members to buy pensions in defined benefit (DB) sections can significantly drive up liabilities, HSBC Bank Pension Trust chief executive Lesley Alexander warns.

Alexander told delegates at the Eversheds Annual Pensions Conference to consider HSBC's experiences when looking to protect funds from DB pressures. In 1996, the bank became one of the first organisations...

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