The Trustee has agreed special terms with a leading drawdown income provider, LifeSight Spending.

When you come to take your Defined Contribution (DC) pension pot from the Scheme, one of the options that you have is to take a flexible income, using drawdown income.

The Trustee, working with its DC advisers, have completed a detailed review of the drawdown income market. They have agreed competitive charges with LifeSight Spending, a drawdown income provider. The new charges with LifeSight Spending will be available to members from October 2022. You can find out more on the LifeSight Spending microsite. Please note by clicking this link you'll be leaving futurefocus and going to an external provider's site.

Please note: If you wish to access drawdown income, you have the option to transfer out of the Scheme to LifeSight Spending or a different drawdown provider, it’s your choice. If you want to take your DC pension pot as drawdown income you will be transferring and exiting from the HSBC Bank (UK) Pension Scheme even if you choose to transfer to LifeSight Spending.

If you need more help to choose a drawdown income provider or to think about your retirement income options, why not visit our new retirement pages on futurefocus. You will find helpful videos as well as useful information on the different retirement products available and how to compare them.