When you leave employment with HSBC you can either choose to stay in the Scheme as a deferred member, or transfer your DC pension pot to another scheme.
Leaving HSBC
What happens when you leave HSBC?
Leaving the Scheme
When you've left the Scheme we'll send you a statement showing the value of your DC pension pot. It forms part of the "Leaving the Scheme" information pack which explains your options. If when you leave the Scheme you have more than 30 days qualifying service you can either:
Leave your money invested in your DC pension pot (this will be your default option if you don’t make a choice). This means you’ll be a deferred member;
or take benefits from your DC pension pot (if you’re age 55 or over);
or transfer the total value of your DC pension pot (including the value of the employer’s contributions) to another registered pension scheme or qualifying overseas scheme.
Note that if you don't tell the HSBC Administration Team what you would like to do with your DC pension pot within three months of leaving the pension scheme you will become a deferred member.
Transferring to another scheme
When you leave HSBC, you can transfer the total value of your DC pension pot to another registered pension arrangement, such as your new employer’s pension scheme or a personal pension, or a qualifying overseas scheme.
How to request a transfer
If you wish to transfer your benefits from the Scheme, you will need to request a transfer-out request form from the HSBC Administration Team, which you should complete and return. Once the team has processed your form, they will send you a transfer value quotation showing the value available to transfer.
Transfer checks and timescales
Transfers can take several months (at least three months, and often longer). Before your transfer can go ahead, checks must be carried out on the arrangement you want to transfer to. You will need to provide information about that arrangement and how your pension pot will be invested, among other things.
Under the Transfer Regulations, you may also need to attend a free Pension Safeguarding Guidance appointment with MoneyHelper to help protect you against pension scams. If this is required, the Administration Team will explain how to book the appointment and what confirmation you need to provide afterwards.
When a transfer won’t be made
There are circumstances in which the Trustee won’t make a transfer. The Trustee will assess your application and, if it does not comply with the Transfer Regulations, may refuse your transfer. For example, your transfer will always be refused if you are offered money or another form of incentive to transfer, including by the new pension arrangement or an adviser involved in the transfer.
After you transfer
If you transfer your entire DC pension pot, you will no longer receive benefits from the Scheme relating to that pot.