The HSBC Support Fund (Support Fund)
A Scheme by HSBC and the Bank Workers Charity (the administrator of the Support Fund) providing support to HSBC pensioners, current and former employees experiencing financial challenges.
Support Fund
Support Fund
What exactly is the Support Fund?
Created together with the Bank Workers Charity, the Support Fund is designed to help HSBC pensioners, current, and former employees relieve their financial strain while dealing with unforeseen circumstances.
Everyone needs help sometimes and we’re here for when you need us. From repairing essential appliances or buying mobility equipment, to equipping your home to meet disability requirements - the HSBC Support Fund could be your answer.
Who can access it, and how can I find out more information
The Support Fund is available to current and former HSBC employees and pensioners, as well as their partners and dependents who have experienced events outside of their control and as a result have had a drop in income or increase in expenses.
To find out if you are eligible, you can reach out by;
- Visiting the Bank Workers Charity’s webpage
- Calling the free and confidential helpline run by Bank Workers Charity on 0800 0234 834. They are open 9am - 5pm, Monday to Friday (except bank holidays)
What will the process look like
- The Bank Workers Charity will discuss your circumstances with you to determine your eligibility, and if you’re eligible they will send you an
application form via email or post to complete and return.
- You will then be asked to provide a pension statement or HMRC evidence to verify your current or previous employment at HSBC, along
with proof of income, housing costs, council tax/rates, and water rates.
- The Bank Workers Charity will then be able to provide you with an outcome and possible financial support.
The size of the grant will be determined by the Bank Workers Charity depending on your individual needs. Grants are tax-free and you don’t need to repay them.
Bank Workers Charity client
“I'd been putting off contacting the Bank Workers Charity as I was unsure what to expect but wish I’d contacted them sooner as they've been amazing. I’m on a limited income and was finding it difficult to manage my bills. Receiving the grant made my life so much easier.”
FAQ
Yes, the Bank Workers Charity look at each case individually using the Household Below Average Income (HBAI) standard after tax and costs. They also take into consideration your savings, and will usually only provide financial support for those with savings below £16,000.
The Bank Workers Charity provide financial support for unforeseen events that have caused income-loss or increased expenses.
Since everyone’s needs are unique, there isn’t a specific checklist under which you can apply. Some of the expenses they can consider include essential furniture and appliances, short term general living expenses and aids and adaptations.
However, these are some examples of things their grants do not cover:
- Personal debt, state benefit repayments or fines
- Expenses for items you’ve already bought
- Private medical costs, except in very restricted circumstances
- Situations where statutory funding is available and accessible
- Home improvements; however essential repairs may be covered if you’re disabled or elderly and the need relates to independent living or safety and security
- Most legal costs, including wills
They'll ask for a pension statement or other evidence that you have worked for HSBC, along with proof of household income, housing costs, Council Tax/Rates and water rates.
If your grant is for something specific, they will also need to see the bill or invoice confirming your liability, or two quotes showing the likely cost.
For grants towards the cost of aids or adaptations, they will need to see medical confirmation that it is appropriate for your condition. They may be able to help you to access an occupational therapist assessment if needed.
Processing takes around three weeks after submitting your application and evidence. Payments are made direct to you unless they are towards arrears, goods or services which are paid directly to the provider once we receive an invoice.
Grants are designed to support one-off financial events, but people’s situations can change. If you’re facing difficulty again, please reach out. The Bank Workers Charity take any previous grants into consideration, but may still be able to help.
Further Information
You can find out more about the Bank Workers Charity grants by visiting their Guide to Grants page on their website or by talking to one of their team.