HSBC attacked over pension fund strategy - papers 13th March

A shift out of shares into bonds last year and a more conservative assumption about staff life expectancy may cost HSBC shareholders up to $1.5bn (£775m), it was claimed. HSBC missed out on booming equity markets last year as its pension funds dumped shares in favour of bonds and infrastructure assets, says the paper. The proportion of shares in the core UK pension fund was reduced from 47% at the start of the year to 24.5% by its end and HSBC plans to cut it still further to 12.5%. The bank also made more prudent assumptions about staff longevity, with a 65-year-old male now expected ...