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 scheme, such as your new employer’s pension scheme or a personal pension, or a qualifying overseas scheme.
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 free of charge. A transfer can take up to three months (and occasionally longer) to be completed. If you do transfer all of your DC pension pot, 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.