The HSBC Bank (UK) Pension Scheme ("the Scheme")
Make your pension work for you
You are a deferred DB member because you are a former employee who started before 1 July 1996 and left (or opted out) before 1 July 2015.
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DC Fund Factsheets
The latest quarterly DC Fund Factsheets and the latest monthly flash report are now available.
DC Fund factsheet
The latest DC Fund factsheets and monthly flash report are now available in the Information Centre.
More things to consider
Review your AVCs
Make sure your Target Retirement Age (TRA) for your AVCs is aligned with your retirement plans
Set your TRA for your AVCs
Alter your planned age of retirement as circumstances change
Announcements
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Your retirement savings during the current investment market uncertainties
Over the last few days there has been some global investment market uncertainty and we understand that some members may be concerned about the impact on their pension savings.
Latest actuarial update as at 31 December 2023 are now available
The Trustee is pleased to announce that the latest annual actuarial update of the Scheme as at 31 December 2023 has been completed.
Member newsletter is now available
The Trustee has published the member newsletter 2024
More about the Scheme
If you build up a large amount of pension savings over your lifetime, you may reach what is known as the Lifetime Allowance (LTA). The Lifetime Allowance (LTA) was the maximum amount that someone could save in their pension without incurring additional tax. The LTA has now been abolished and has been replaced by two new lump sum allowances. From 6 April 2024, the total amount of your pension savings (across all your pension schemes) that can be paid as tax-free lump sums will be limited by the Lump Sum Allowance and the Lump Sum and Death Benefit Allowance.
You can find out more about the Lifetime Allowance here
One of the choices you have as a deferred member is to transfer out the value of your benefits to another pension scheme.
You can transfer your DB pension to a new employer's pension scheme, or a registered pension arrangement that will accept it. If you choose this option you need to complete a Transfer-out Request form, please contact the Scheme Administrators for further information.
If you die, what happens to your DB pension savings will depend on your original scheme. You can find your Scheme booklets in the Information Centre. Even as a deferred member, it’s important to make sure you keep your beneficiaries’ details up to date.
You can log on to Member Self Service (MSS) to adjust your beneficiaries’ details. You’ll need your username and password to log in. Don’t know yours?
Any consideration of a divorcing couple’s assets usually includes pension rights. Our HSBC Administration Team can help if you want more information. Remember to update your personal details if you’re getting divorced or dissolving your civil partnership. You should also make sure all of your details are up to date on the My Nominations page in MSS.
Keep track of your pension
Your DB benefits show you how much you’ll get when you reach Normal Retirement Age. You can view them in MSS.