HSBC has increased the contributions it pays into your DC pension pot.
About your DC pension pot
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.
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.
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 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. (If you're on the HSBC network you can click here and you won't need your username and password)
Check your DC pension pot
Keeping an eye on your DC pension pot can help you hit your desired income at your Target Retirement Age. Visit My Pension to see what’s in your DC pension pot and how well it’s performing. 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 My Pension to do this. You'll need your username and password unless you're within the HSBC network and then you can click here.
If you're still an HSBC employee and have opted out of the pension scheme please also contact HR Direct to update your contact details.