Pension fund of the year - corporate scheme HSBC

Life & Pensions Awards 2008

Surveying London's Canary Wharf on a sunny day from the top floor of global banking giant HSBC's headquarters - a building that houses 8,000 employees - gives you a sense of grandeur. But from a risk perspective, until 2005 the view from the top was obscured by mists, says Douglas Flint, group finance director at HSBC.

It was Flint's decision that year to initiate a pension risk study that changed things forever. The FRS17 deficit of the bank's UK pension scheme in 2004 was a hefty £2.2 billion,