The HSBC Bank (UK) Pension Scheme

Choose your beneficiaries

Manage your pension to keep providing for your dependants if you die

It’s a good idea to check and update your details whenever your personal circumstances change. You can do this online by logging on to Member Self Service (MSS). To update these details go to the nomination and dependents page. If you’re not on the HSBC network you’ll need your username and password to log in.

The Trustee and the Life Assurance Trustee will consider your wishes but, for tax reasons, aren’t bound by them.

Help for your family if you die

If you die while you’re working for HSBC, your family and dependants could get the following financial help: 

  • A payment paid through the Life Assurance Scheme. This is normally four times your benefit salary, although you can choose a different amount (a multiple of benefit salary between two and ten) through My Benefits.
  • A return of any money you’ve paid (including transferred in funds, but excluding employer contributions) into your DC pension pot. 
  • A pension of 30% of your DC pensionable salary and a pension payable from your DB benefits for your spouse/civil partner (for details of the DB pension payable in the event of your death you should refer to your individual scheme booklet which can be found in the information centre). This is payable for life and increases in line with the Retail Prices Index (RPI), up to 3% a year. If your spouse/civil partner is more than 15 years younger than you, their pension will be reduced by 2.5% for each year above the 15 years age difference. 
  • An allowance for one or more dependants, if you don’t have a spouse/civil partner. If the Trustee and HSBC approve, that person, or those people, could receive an allowance up to the value of a spouse/civil partner’s pension (calculated in aggregate). 
  • An allowance for any dependant children. This would be a percentage of the spouse/civil partner’s pension (not adjusted for any age differences) and would depend on the number of dependant children you have when you die. If there’s no spouse’s/civil partner’s pension or dependant’s allowance payable, then the children’s allowance would be doubled.

Part time employees

If you die while working part-time, the amount paid as a lump sum would be based on your actual part-time benefit salary on the date you die. 

Take care of loved ones after you’re gone

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?

Login to MSS

More Information

Retirement options overview 

There’s plenty to think about when planning for retirement - do you need flexibility or income certainty? Be in control or hands-off? Would a combination of options be better? Our retirement options overview is a great place to start to understand the basics, compare the options and get extra pointers to help you decide.

Choose your beneficiaries 

Receive a wide range of benefits for your family and dependants including death and ill health benefits and allowance.

Advice and guidance 

If you need some more help to decide the investment option that is right for you, it's worth thinking about getting some advice from a regulated financial adviser. Using an adviser can be expensive, so make sure you’ve read all of the information available to you first. MoneyHelper offers free support on a wide range of financial matters, online and over the phone. Go to the pensions and retirement section at MoneyHelper.org.uk. You can also use this service to find a retirement financial adviser.