Taking your benefits

Planning for your retirement

You can use the money in your DC pension pot at any age from 55 to 75. There's a range of ways that you can access your money.

Choosing when to take your DC pension pot

You can tell us the age you plan to retire access your benefits in My Pension. If you don’t make a choice, we’ll assume you’ll want to take your pot at 65. This is known as your Target Retirement Age (TRA). The HSBC Administration Team will write to you six months before you reach your TRA to tell you the current value of your DC pension pot and the options available. If you want to, you can ask for this information earlier. When the HSBC Administration Team writes to you, you’ll get information about your choices and where to get more help and guidance.

Set your target retirement age

If you're not on the HSBC network you can click here.You'll need your username and password to log in. Don't know yours?

Choosing how to take your DC pension pot

You can use your DC pension pot in the way that best suits your own retirement plans. For example, if you want to pay off a mortgage you might want cash or you may prefer a regular income. You have the following options for taking your DC pension pot:

‘Cash out’ and ‘drawdown’  DO NOT give you a guaranteed, regular income.

Money Purchase Annual Allowance

Taking all your DC pension pot (or any other money purchase savings you have) as cash, opting for flexible drawdown or taking reducing annuities when you’re over the age of 55 will trigger the Money Purchase Annual Allowance for any future DC contributions.

You can find out more about the Money Purchase Annual Allowance and other limits on tax relief at the Money Advice Service.

Help to make your choices

Are you aged 55 or over and thinking about taking your DC pension pot? 

If so, there's lots of information to help and guide you through your options.

 

Pension Wise

Pension Wise is backed by the Government.
It gives free, impartial guidance to help you understand your options and how they work.

Visit Pension Wise

The Money Advice Service

The Money Advice Service also offers free and impartial money advice. They’ve produced a guide 'Your pension - it’s time to choose', in conjunction with Pension Wise, which explains your choices.

Visit The Money Advice Service

GOV.UK

GOV.UK is the best place to find government services and information for citizens and businesses, guidance for professionals, government policy.

Visit GOV.UK