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 Choice
  • 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?

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 as and four funds from the Freechoice range.