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 £21,200 pensionable salary

then 9% of anything over £21,200 up to the scheme earnings cap, currently £144,000.

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 £21,200 pensionable salary then 9% of anything over £21,200 up to the scheme earnings cap, currently £144,000
£ 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 dated 31 March 2019 and the monthly flash report dated 30 April 2019 are now available in the Information Centre.

More things to consider

Adjust your contributions 

Keep pace with salary increases and other lifestyle changes

Manage your investments 

Make sure your DC pension pot is aligned with your retirement plans

Set your Target Retirement Age 

Alter your planned age of retirement as circumstances change

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. You can also 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. 

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?


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An important announcement concerning the governance arrangements of the Scheme 

This is an important communication from the Trustee to all members concerning the governance arrangements of the HSBC Bank (UK) Pension Scheme (“the Scheme”).

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Latest financial results are now available 

If you have defined benefits in the Scheme, you will want to know that they can be paid as and when they are due.

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GMP equalisation 

In a case involving the Lloyds Bank pension schemes, the High Court ruled that pension schemes must adjust benefits to remove the gender inequalities caused by Guaranteed Minimum Pensions (GMPs).

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More about the Scheme

Check your DC pension pot

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.