HSBC Inks £7B Pension Insurance Deal With Prudential
Law360, London (August 6, 2019, 3:26 PM BST) -- HSBC Bank’s pensions trustee said Tuesday it has signed a deal that will allow a subsidiary of U.S. insurance giant Prudential Financial, Inc. to cover approximately £7 billion ($8.5 billion) of its retirement liabilities.
The HSBC Bank Pension Trust (UK) Ltd. said it has entered into an insurance arrangement with The Prudential Insurance Company of America, which provides insurance and annuities for Prudential Financial. The longevity insurance cover will provide a buffer for the HSBC UK Pension Scheme against costs if members live longer than expected.
PICA will cover more than 20% of the scheme’s total exposure to longevity risks, which...
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