The HSBC Bank (UK) Pension Scheme ("the Scheme")
Make your pension work for you
You’re a deferred Defined Contribution (DC) member of the Scheme because you are a former employee (or have opted out) and you joined on or after 1 July 1996.
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DC Fund Factsheets
The latest quarterly DC Fund Factsheets and the latest monthly flash report are now available.
DC Fund factsheets
The DC Fund factsheets dated 31 December 2017 are now available in the Information Centre.
Announcements
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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.
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.
About your DC pension pot
As a deferred member of the Scheme, you can transfer the total value of your DC pension pot to another registered pension scheme, such as your new employer’s pension scheme or a personal pension.
If you choose this option, you need to complete and return the Transfer-out Request form. You can ask the HSBC Administration Team for one transfer value quotation each year without incurring any charge. A transfer can take up to three months (and occasionally longer) to be completed. If you do transfer, no further benefits will be paid to you from the Scheme.
Once the Transfer-out Request form has been received and processed by the HSBC Administration Team, you’ll be sent the transfer value quotation. This will give you all the information you need to progress your transfer.
For more information on transferring see the ‘Leaving the DC’ guide (240KB, PDF) in our Library.
Contact the HSBC Administration Team.
If you die as a deferred member of the Scheme (after leaving HSBC but before you’ve retired), the total value of your DC pension pot (including the value of HSBC’s contributions) will be paid as a lump sum at the Trustee’s discretion. Even as a deferred member, it’s important to make sure you keep your beneficiaries’ details up to date.
For more information about protection benefits, visit our 'Choose your beneficiaries' page. Or see the DC member guide, ‘Knowing your DC pension pot’ (2.6MB, PDF) in our Information Centre.
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 LTA tax protection.
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 your details are up to date on the My Beneficiaries page in My Pension.
Check your DC pension pot
Keeping an eye on your DC pension pot can help you hit your desired income at your Target Retirement Age. Visit My Pension to see what’s in your DC pension pot and how well it’s performing.
Are your contact details up to date?
It’s important to keep your contact details current. Visit My Pension to do this.