Help for your family if you die

If you die while you’re working for the UK HSBC Group, your family and dependants could get the following financial help:

• A payment paid through the Life Assurance Scheme. This is normally four times your benefit salary, although you can choose a different amount (a multiple of benefit salary between two and ten) through My Choice. 
• A return of any money you’ve paid (including transferred in funds, but excluding employer contributions) into your DC pension pot. 
• A pension of 30% of your DC pensionable salary for your spouse/civil partner. This is payable for life and increases in line with the Retail Prices Index (RPI), up to 3% a year. If your spouse/civil partner is more than 15 years younger than you, their pension will be reduced by 2.5% for each year above the 15 years age difference. 
• An allowance for one or more dependants, if you don’t have a spouse/civil partner. If the Trustee and HSBC approve, that person, or those people, could receive an allowance up to the value of a spouse/civil partner’s pension (calculated in aggregate). 
• An allowance for any dependant children. This would be a percentage of the spouse/civil partner’s pension (not adjusted for any age differences) and would depend on the number of dependant children you have when you die. If there’s no spouse’s/civil partner’s pension or dependant’s allowance payable, then the children’s allowance would be doubled. 

Part time employees

If you die while working part-time, the amount paid as a lump sum would be based on your actual part-time benefit salary on the date you die. 

Deferred members

If you die as a deferred member (after leaving the UK HSBC Group but haven’t retired), the total value of your DC pension pot in the pension scheme (including the value of your employer’s contributions) will be paid as a lump sum at the Trustee’s discretion.