With these funds, the investment manager actually chooses investments he or she believes will perform better than the corresponding index. 

A person who was an active member of the Scheme building up defined benefit on 30 June 2015, became a member with a DC pension pot on 1 July 2015, and has not left service or been treated as having left service. 

Someone who has contributions paid into their DC pension pot by the employer (and employee if they choose to), either directly or through Salary Sacrifice 

Regular hours that part-time employees work beyond their contracted hours. Additional hours are included within DC pensionable salary, as opposed to overtime, which isn’t.

An income for life, normally brought from an insurance company.

Your basic salary plus, for life assurance. 

An investment option that assumes you’ll want to carry on investing some or all of your DC pension pot after you retire.

An investment option that assumes you’ll want to take your DC pension pot as cash when you retire. It assumes that you’re planning to take your pension pot as cash to it, for example to pay off your mortgage.

Age 65 or the earliest date at which you can receive your DB pension without employer consent (generally age 60).

The salary used to calculate your DB pension – refer to your relevant DB member guide (and, if applicable, the 2009 Change leaflet) on futurefocus.

Any car, market or fd plus allowance which is consolidated into salary from 1 July 2015 is not included.

The pensionable service used to calculate your DB pension up to 30 June 2015 – refer to your relevant DB member guide (and, if applicable, the 2009 Change Leaflet) on futurefocus.

Your Defined Contribution (DC) pension savings in the HSBC Bank (UK) Pension Scheme.

Your annual salary capped at the Scheme Earnings Cap, excluding allowances, bonus payments and overtime, but including salary relating to additional hours. If you’re participating in salary sacrifice this is the DC pensionable salary you’d have had if you weren’t participating in salary sacrifice.

Someone who has left the Scheme, but has not yet taken their benefits from the Scheme.

Someone who, in the Trustee’s opinion, is financially dependent or interdependent on a member of the Scheme, or is dependent on the member because of a physical or mental impairment.

A child under the age of 18, or 23, if the Trustee considers the child is if in full-time education or vocational training. A child may also qualify as a dependent child subject to the Trustee’s approval.

An investment option that lets you take more control over how your money is invested, using a simple framework. 

An investment option that gives you flexibility to manage your money from all the funds on offer through the Scheme.

The HSBC Bank (UK) Pension Scheme general website.

An investment option that assumes you will use some or all of your DC pension pot to buy an income when you retire. For most members it is the automatic option unless they have chosen one of the other investment options on offer through the Scheme.

HSBC’s online interactive portal to help you improve your financial confidence.

Your HSBC benefits online portal.

Your pension website.

A passive fund aims to track the performance of an index or benchmark. The investment manager doesn’t actively make decisions about how the money should be invested

Your annual basic capped at the Scheme Earnings Cap, excluding allowances, bonus payments and overtime, but including salary relating to additional hours. If you’re participating in salary sacrifice this is the pensionable salary you’d have had if you weren’t participating in salary sacrifice.

A member who had built up defined benefits and is now taking a pension from the Scheme, or who used their DC pension pot to buy an annuity from the Scheme.

HSBC Bank plc.

Time spent as a member of the Scheme (while DC contributions are paid) together with any service relating to benefits transferred into the Scheme from another pension scheme. It also includes service relating to DB benefits built up in the Scheme (or any other UK HSBC Group scheme that has merged with the Scheme), and any service before July 2009, during which a member only paid additional voluntary contributions and/or paid a bonus sacrifice into the Scheme.

A scheme registered with the HMRC or under Chapter 2 of Part 4 of the Finance Act 2004.

You give up a proportion of your basic salary and an equivalent amount is paid by your employer, into the Scheme. The reduction in your basic salary currently means that you pay lower National Insurance contributions.

The HSC Bank (UK) Pension Scheme.

£180,000 up to 30 June 2024. This is increased on 1 July each year by the annual rise in the Consumer Price Index (CPI) over the previous 12 month period to April (rounded up to the next multiple of £1,000).

The Trust Deed and Rules governing the Scheme at the time.

Your spouse of the same or opposite sex or civil partner at your date of death:

• whether or not you’re living with them at the time,
• whether or not you were living with them at the date of retirement, and regardless of how long you’ve been married.

This is set at 65 unless you choose a different age between 55 and 75.

HSBC Bank Pension Trust (UK) Limited 

HSBC Holdings plc and all subsidiary companies in the United Kingdom, Channel Islands and the Isle of Man that participate in the Scheme.