Review your Additional Voluntary Contributions

Even though you no longer have active DB benefits it's still important that you review any Additional Voluntary Contributions (AVCs) or bonus sacrifice savings that you have, whether they’re invested in the DC fund range or with another external provider.

Whatever your current investment option is for your AVCs or bonus sacrifice savings, it’s always worth checking out whether it’s still right for you. If you have AVCs or bonus sacrifice savings with an external provider you should receive statements of your benefits from that provider. You should also review your Target Retirement Age regularly to ensure that this is in line with when you think you’ll take your overall benefits (assuming that you want to take your DB benefits and AVCs or bonus sacrifice savings at the same time). The value of your AVCs or bonus sacrifice savings is not guaranteed and will rise and fall in line with the price of the investment funds used for your investment choice

It's up to you to decide how your money is invested.

You have four current investment options:

This strategy is designed for members who plan to take 25% of their DC pension pot as a tax-free cash sum at their Target Retirement Age (or beyond) and the balance to provide a flexible income (e.g. income drawdown), spreading the amount and timing of withdrawals.

Members can do this by transferring their DC pension pot out of the Scheme to their choice of external provide which offers this option.

More information is available in the Scheme’s current DC Member Guide which can be found on the Member Guides tab of the Information Centre.

This strategy is designed for members who plan to use all of their DC pension pot for a cash lump sum at their Target Retirement Age.

More information is available in the Scheme’s current DC Member Guide which can be found on the Member Guides tab of the Information Centre.

The Annuity Purchase Strategy is designed for members who plan to use 25% of their DC pension pot for a tax-free cash sum and the balance to buy an annuity (a regular income for life) at their Target Retirement Age.

More information is available in the Scheme’s current DC Member Guide which can be found on the Member Guides tab of the Information Centre.

Members who are comfortable controlling and monitoring the investment of their DC pension pot can choose their own mix of investments from the Freechoice range.

Freechoice allows members to create an investment strategy for their DC pension pot that reflects their financial aims and personal circumstances.

For more information on the legacy options (such as Lifecycle 2, Capital Lifecycle and the Cash Lifecycle) please refer to the DC Investment Guide which can be found on the Member Guides tab of the Information Centre.

DC Fund factsheet

The latest DC Fund factsheets are now available in the Information Centre.

Go to DC Fund factsheets

Find out more about your investment options

You can find out more about your investment options by visiting My Pension. If you're on the HSBC network you can click here and you won't need your username and password.