As a deferred member of the Scheme, you can transfer the total value of your DC pension pot to another registered pension scheme, such as your new employer’s pension scheme or a personal pension.

If you choose this option, you need to complete and return the Transfer-out Request form. You can ask the HSBC Administration Team for one transfer value quotation each year without incurring any charge. A transfer can take up to three months (and occasionally longer) to be completed. If you do transfer, no further benefits will be paid to you from the Scheme.

Once the Transfer-out Request form has been received and processed by the HSBC Administration Team, you’ll be sent the transfer value quotation. This will give you all the information you need to progress your transfer.

For more information on transferring see the ‘Leaving the DC’ guide (502.1KB, PDF) in the information centre.

Contact the HSBC Administration Team.

If you die as a deferred member of the Scheme (after leaving HSBC but before you’ve retired), the total value of your DC pension pot (including the value of HSBC’s contributions) will be paid as a lump sum at the Trustee’s discretion. Even as a deferred member, it’s important to make sure you keep your beneficiaries’ details up to date.

For more information about protection benefits, visit our 'Choose your beneficiaries' page. Or see the DC member guide, ‘Knowing your DC pension pot’ (2.6MB, PDF) in our Information Centre.

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 The LTA has now been abolished and has been replaced by two new lump sum allowances.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.

If your savings exceed the LTA you’ll have to pay a tax charge on the excess, unless you have LTA tax protection.

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 your details are up to date on the My Beneficiaries page in My Pension.

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