HSBC Holdings (HSBC) has held early talks to transfer billions of pounds of assets from its UK pension scheme to insurers after being approached by potential buyers, Bloomberg reported Thursday, citing people familiar with the matter.

The bank has discussed moving assets from its 18.7 billion pounds UK pension fund, which had a 5.26 billion pounds surplus at the end of 2025, the report said.

The UK's pension buyout market has grown rapidly as higher interest rates improved scheme funding, prompting companies including BP and Rolls-Royce to transfer pension liabilities to insurers, the report said.

Major insurers competing for such deals include Legal & General, Rothesay and Apollo-backed Athora, the report said.

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