The HSBC Bank (UK) Pension Scheme has closed a longevity swap transaction with Prudential Financial Inc. subsidiary Prudential Insurance Co. of America to manage risk connected to £7 billion in pensioner liabilities.
The transaction is the second-largest deal ever for a U.K. pension scheme, according to a statement.
Willis Towers Watson served as lead adviser to the trustee, while Sackers acted as legal adviser. The trustee was also advised by Kramer Levin Naftalis & Frankel LLP in New York and Appleby (Bermuda) Ltd. in Bermuda. HSBC in Bermuda was advised by Allen & Overy LLP, Aon and Appleby (Bermuda) Ltd.
Prudential Insurance was advised by Willkie Farr & Gallagher LLP and ASW Law Ltd.