瑞银集团已将其在英国的养老金资产中价值17亿英镑（约合22亿美元）的部分转移至英杰华集团股份有限公司，这堪称今年规模最大的此类交易。
Group AG has transferred £1.7 billion ($2.2 billion) of assets from its UK pension pot to Legal & General Group Plc, the largest such transaction this year.
根据周二发布的公告，这家英国保险公司将负责管理该养老金计划所面临的风险。该计划涵盖7,000名受益人。此次交易属于英杰华集团在8月5日发布的上半年业绩报告中所提及的57亿英镑全球风险转移业务的一部分。
The UK insurerwill manage risks for the UBS plan that has 7,000 members, according to a statement Tuesday. The deal was part of the £5.7 billion in global risk-transfer volumes L&G flagged in its first-half results on Aug. 5.
此外，英杰华集团还将接手苏黎世保险集团股份有限公司原先负责的该养老金计划中的长寿风险对冲业务。两年前，这家瑞士银行业巨头曾与英杰华集团达成一项价值9亿英镑的风险转移协议，用于处理该计划中的另一部分资产，这些资产专门用于向瑞士信贷银行的前英国雇员支付退休金——瑞银集团于2023年收购了瑞士信贷银行。
L&G will also be responsible for overseeing the UBS plan’s separate longevity hedge, taking over from Zurich Insurance Group AG. Two years ago, the Swiss banking giant and L&G struck a £900 million risk transfer for a second portion of the plan, which backs retirement payments to previous UK employees of Credit Suisse — the lender UBS rescued in 2023.
近年来，随着利率上升促使养老金资金状况得到改善，英国规模达1.3万亿英镑的养老金收购市场持续繁荣。这使得企业能够以更低的成本完成资产转移，从而将精力集中于核心业务。从石油巨头英国石油公司到航空发动机制造商罗尔斯·罗伊斯控股有限公司，众多英国大型企业均纷纷采取此类举措。
The UK’s £1.3 trillion pension buyout market, where firms pay insurers to take on their financial obligations to retirees, has been booming in recent years as higher interest rates helped improve funding levels. That’s made buyouts more affordable and led many large British employers from oil major BP Plc to aircraft engine maker Rolls-Royce Holdings Plc to shift assets, allowing them to focus on their core businesses.
对于银行而言，转移养老金风险极具吸引力，因为市场波动可能对其监管资本水平产生影响，进而决定其可开展的银行业务规模。据彭博社报道，汇丰控股有限公司、国民威斯集团股份有限公司以及桑坦德银行股份有限公司也都曾探讨过类似交易。
Offloading pension risk is particularly appealing to banks because volatile markets can feed into regulatory capital, which ultimately determines how much business a lender can do. HSBC Holdings Plc, NatWest Group Plc and Banco Santander SA have explored similar transactions, Bloomberg has reported.
不过，将养老金计划转交保险公司后，企业便无法再享有未来可能出现的资金盈余并将其重新投入运营的机会。
Still, companies offloading plans to an insurer forego the opportunity to access future surpluses and plow them back into operations.