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 factsheet
The latest quarterly DC Fund factsheets and the latest 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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Changes to the Lifetime Allowance from 06 April 2024
From 06 April 2024 there will be some changes to the lifetime allowance.
The HSBC Bank (UK) Pension Scheme incorporates private markets into its defined contribution (DC) assets
The HSBC Bank (UK) Pension Scheme (the “Scheme”), one of the largest corporate pension schemes in the UK, has today announced its commitment to incorporate private markets into its DC default investment strategies.
Member newsletter is now available
The Trustee has published the member newsletter 2022
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). This amount includes the value of your pension entitlement built up across all registered pension schemes that you’ve been a member of, not just the Scheme.
If your savings exceed the LTA you’ll have to pay a tax charge on the excess, unless you have a sufficient LTA tax protection.
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 (0.1MB, PDF) which you can find in the Information Centre.
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 to adjust your beneficiaries’ details on the nominations and dependants page. 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 Nominations and dependants page in Member Self Service.
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. If you're on the HSBC network you can click here and you won't need your username and password.
Are your contact details up to date?
It’s important to keep your contact details current. Visit Member Self Service (MSS) to do this. If you're on the HSBC network you can click here and you won't need your username and password.