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HSBC UK pension scheme signs £7B longevity swap with Prudential Financial unit

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.