The HSBC Bank (UK) Pension Scheme ("the Scheme")

Make your pension work for you

You’re an active hybrid member of the Scheme because you are a current employee who started HSBC before 1 July 1996 (or on, or after 1 July 1996 if you joined directly from M&S Financial Services). This means that you have both a Defined Benefit (DB) pension and a Defined Contribution (DC) pension pot

About your contributions

You have benefits built up in your DB pension to 30 June 2015. You have also had contributions paid into your DC pension pot from 1 July 2015 (or before, if you already made DC Additional Voluntary Contributions). You can choose how and when you want to take your benefits but if you take them at different times you will lose the ability to take your DC pension pot as part of your overall tax free cash lump sum.

Defined Benefit pension

Your DB pension built up until the last day of DB pensionable service on 30 June 2015. When it comes to calculating your DB benefits, there are two calculations that may apply – we’ll use the one that produces the higher pension for you. You can find out more about how we calculate your DB benefits and about salary linkage on the ‘Taking your pension’ page.

How your Defined Contribution pension pot works

Your DC benefits began from 1 July 2015. That means:

HSBC gives you 10% of your first £26,400 pensionable salary

then 9% of anything over £26,400 up to the scheme earnings cap, currently £180,000.

Plus HSBC will match anything you pay up to 7% of your pensionable salary

It's quick and easy to change how much you are contributing and you can change your contributions once a month via My Choice.

HSBC pays most of the fees

HSBC pays the administration and investment management fees for the investment options currently available. However depending on the fund, there may be other investment costs which will be reflected in the price of the fund. These costs are variable and likely to be between nil and 0.2% pa.

See what you get per month


This modeller has been included for illustrative purposes only and should not be relied on.  In particular for members who work part time or who are on family leave or any other period of absence, the contributions payable may differ.  When considering the level of contributions to make to the Scheme it is important to consider (i) what you can afford to pay at any particular time bearing in mind other financial obligations you may have eg mortgage payments and (ii) what your retirement objectives are to help ensure you will have saved enough in your pension pot to meet those objectives.  These factors may change in the future so we recommend you regularly review the contributions you are making and the impact any change in contributions levels could make.  For high earners, consideration should also be given to whether any change in contribution rates impacts on your annual allowance, money purchase annual allowance or lifetime allowance.  We would recommend you seek independent financial advice if you are unsure what levels of contributions to make to the Scheme and the impact this may have


HSBC contributes 10% 10% of your first £26,400 pensionable salary then 9% of anything over £26,400 up to the scheme earnings cap currently £180,000
£ 0.00
Your contribution 7%
£ 0.00
HSBC matches your contribution 7%
(up to 7%)
£ 0.00
Total monthly payment into your Pension 24%
£ 0.00

DC Fund factsheets

The latest quarterly DC Fund factsheets and the latest monthly flash report are now available in the Information Centre.

Tax-free cash video

As a hybrid member, you can choose whether you want to take your DB pension and DC pension pot together or separately. If you take them at the same time, you may be able to use your DC pension pot towards your overall tax-free cash lump sum. If you want to know more about how much tax-free cash you could take, there’s an easy way to estimate it. Why not watch this video today and find out more.

More Information

Default investment strategy 

The Trustee has made available a range of investment funds for members. Each member is responsible for specifying one or more funds for the investment of their account, having regard to their attitude to the risks involved. If a member does not choose an investment option, their account will be invested into the default option applicable to them, which is managed as a “lifecycle” strategy (ie it automatically combines investments in proportions that vary according to the time to retirement age). The lifecycles are 100% invested in equities until twenty years from a member’s target retirement age from which point they transition gradually into less risky assets appropriate to the outcome targeted.

Value for money for members 

The Trustee carried out a value for members’ assessment, looking back over the Scheme year to 31 December 2019. The Trustee is required to assess the extent to which member borne charges and transaction costs for the Scheme Year represent good value for members.

Illustration of charges and disclosures costs 

The Sponsoring employer currently pays the AMC platform expenses and administration costs. Additional expenses (“AE”) are covered by members and are those costs incurred in the management of the underlying funds which are, by nature, flexible and therefore fall outside of the AMC. The Trustee has provided an illustration of the impact of the charges and costs on members pension pots for the default options and four funds from the Freechoice range.

Check your pension

Keeping an eye on your pension benefits can help you hit your desired income at your target retirement date. Visit My Pension to see what’s in your DC pension pot and how well those investments are performing. If you’re not doing this on the HSBC network you can click here. You’ll need your username and password to log in. Don’t know yours?


From 30 May 2022 you will need to log in to Member Self Service (MSS) to see how much DB pension you accrued as at 30 June 2015 and how it has increased since that date in line with any increases that you may have had to your DB pensionable salary. 


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Changes to the Lifetime Allowance from 06 April 2024 

From 06 April 2024 there will be some changes to the lifetime allowance.

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The HSBC Bank (UK) Pension Scheme incorporates private markets into its defined contribution (DC) assets 

The HSBC Bank (UK) Pension Scheme (the “Scheme”), one of the largest corporate pension schemes in the UK, has today announced its commitment to incorporate private markets into its DC default investment strategies.

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Member newsletter is now available 

The Trustee has published the member newsletter 2022

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More about the Scheme

Check your pension benefits

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

Are your contact details up to date?

It’s important to keep your contact details current. Update them any time you are on the HSBC network through HR Direct.

If you're not on the HSBC network you can contact the HR Direct support team by calling +44 3456 024348.