HSBC puts money into your DC pension pot every month. If you also contribute then HSBC will put in even more. It's quick and easy to change how much you're contributing and you can change your contribution once a month.
then 9% of anything over £26,400 up to the scheme earnings cap, currently £180,000.
It is quick and easy to change how much you are contributing and you can change your contributions once a month.
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.
7%
Review and change how much you’re contributing to help ensure you’re on track for your desired income at your Target Retirement Age. You can change your contributions once a month, for free, through My Choice.
If you have lost track of any of your pensions, take a look at the Pay Your Pension Some Attention campaign https://www.pensionattention.co.uk/ to find out more.
If you're not on the HSBC network you can click here to access My Benefits. You'll need your username and password to log in. Once logged in click on the My Choice tab to adjust your pension contributions.
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.
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.
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.