August 6, 2019 / 8:59 AM / 4 months ago

HSBC Bank UK pension scheme agrees 7 billion sterling insurance deal

FILE PHOTO: HSBC's building in Canary Wharf is seen behind a City of London sign outside Billingsgate Market in London, Britain, August 8, 2018. REUTERS/Hannah McKay

LONDON (Reuters) - The HSBC Bank (UK) pension scheme has signed a deal with The Prudential Insurance Company of America to insure around 7 billion pounds ($8.52 billion) of pensioner liabilities.

The swap transaction is the second biggest carried out with a British pension scheme, HSBC said on Tuesday, and will insure against the risk that the scheme’s members or their named beneficiaries live longer than expected.

The Prudential Insurance Company of America is a subsidiary of Prudential Financial (PRU.N).

Reporting by Simon Jessop, editing by Sinead Cruise

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