The HSBC Bank (UK) Pension Scheme ("the Scheme")
Make your pension work for you
You are a deferred DB member because you are a former employee who started before 1 July 1996 and left (or opted out) before 1 July 2015.
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DC Fund factsheet
The DC Fund factsheets dated 31 December 2017 are now available in the Information Centre.
More things to consider
Review your AVCs
Make sure your Target Retirement Age (TRA) for your AVCs is aligned with your retirement plans
Set your TRA for your AVCs
Alter your planned age of retirement as circumstances change
Announcements
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Notice to Members – change to Trustee Board
The Trustee Directors recently invited nominations from members of the HSBC Bank (UK) Pension Scheme (the Scheme) who were interested in becoming a Member-Nominated Director (MND) of HSBC Bank Pension Trust (UK) Limited, the Trustee of the Scheme.
Policy Statement from the Trustees on the Russian and Ukraine situation
The Trustee of the HSBC Bank (UK) Pension Scheme has considered the current situation in the Ukraine and has taken investment and legal advice.
Latest financial result is now available…
If you have defined benefits in the Scheme, you will want to know that they can be paid as and when they are due.
More about the Scheme
If you build up a large amount of pension savings over your lifetime, you may reach what is known as the Lifetime Allowance (LTA). This amount includes the value of your pension entitlement built up across all registered pension schemes that you’ve been a member of, not just the Scheme.
If your savings exceed the LTA you’ll have to pay a tax charge on the excess, unless you have a sufficient LTA tax protection.
You can find out more about the Lifetime Allowance here
One of the choices you have as a deferred member is to transfer out the value of your benefits to another pension scheme.
You can transfer your DB pension to a new employer's pension scheme, or a registered pension arrangement that will accept it. If you choose this option you need to complete a Transfer-out Request form (0.1MB, PDF) which you can find in the Information Centre.
If you die, what happens to your DB pension savings will depend on your original scheme. You can find your Scheme booklets in the Information Centre. Even as a deferred member, it’s important to make sure you keep your beneficiaries’ details up to date.
You can log on to My Pension to adjust your beneficiaries’ details. You’ll need your username and password to log in. Don’t know yours?
Any consideration of a divorcing couple’s assets usually includes pension rights. Our HSBC Administration Team can help if you want more information. Remember to update your personal details if you’re getting divorced or dissolving your civil partnership. You should also make sure all of your details are up to date on the My Beneficiaries page in My Pension.
Keep track of your pension
Your DB benefits show you how much you’ll get when you reach Normal Retirement Age. You can view them in My Pension.
Are your contact details up to date?
It’s important to keep your contact details current. Visit My Pension to do this.