Leaving the Scheme

When you leave the Scheme, your DB pension will be based on your DB pensionable salary at the date of your leaving. Also, the money that you and HSBC are putting into your DC pension pot will stop. 

Your options on leaving the Scheme

When you leave the Scheme we’ll send you a ‘Statement of deferred benefits’ and a ‘Leaving the scheme’ guide as part of a leaver pack. This will show your DB benefits built up to your date of leaving and the value of your DC pension pot. This will give you more information about your choices and what to do.

When you leave you can: 

1. Leave all your benefits in the Scheme – this means you’ll be a deferred hybrid member; or
2. Transfer all your benefits in the Scheme to another pension scheme (for example, your new employer’s pension scheme or a personal pension plan); or
3. Transfer part of your benefits (either your DB benefits and/or your DC pot) to another pension scheme; or 
4. Take your benefits any time after age 55 (generally subject to Trustee consent if under Normal Retirement Age). 

If you want to transfer out your DB benefits to a defined contribution arrangement, you must take financial advice first. If the value of your DB benefit is over £30,000, you must prove that you’ve taken financial advice.

For information on how your deferred DB benefit will increase, please look at the ‘Deferred Hybrid’ page.