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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Latest actuarial update as at 31 December 2024 is now available
The Trustee is pleased to announce that the latest annual actuarial update of the Scheme as at 31 December 2024 has been completed.
A Change to the Scheme’s Rules – outcome of the Court hearing
The Court approved the Trustee’s application on 6 March 2026 and confirmed that the change to the Scheme’s rules can properly be made.
Scheme investments and the conflict in the Middle East
Over the past few days, markets have reacted to the conflict in the Middle East. If the situation gets worse, we may see more ups and downs in investment values. We know some members might be worried about the impact on their Defined Contribution (DC) pension pots.
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 The LTA has now been abolished and has been replaced by two new lump sum allowances.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.