The HSBC Bank (UK) Pension Scheme ("the Scheme")
Make your pension work for you
You're a deferred hybrid member of the Scheme because you are a former employee who started before 1 July 1996 and left on or after 1 July 2015. This means that you have both a Defined Benefit (DB) pension and a Defined Contribution (DC) pension pot.
Doesn't sound right? Switch member type
DC Fund Factsheets
The latest quarterly DC Fund Factsheets and the latest monthly flash report are now available.
DC Fund factsheets
The latest quarterly DC Fund factsheets and the latest monthly flash report are now available in the Information Centre.
Tax-free cash video
As a hybrid member, you can choose whether you want to take your DB pension and DC pension pot together or separately. If you take them at the same time, you may be able to use your DC pension pot towards your overall tax-free cash lump sum. If you want to know more about how much tax-free cash you could take, there’s an easy way to estimate it. Why not watch this video today and find out more.
Default investment strategy
In 2018 the Trustee made changes to the Lifecycle arrangements, such that the Scheme now offers two default lifecycle arrangements, the Flexible Income Strategy and the Lump Sum Strategy. These lifecycle strategies were set as the default investment arrangement for two distinct cohorts of members, those with DC only benefits and those who previously accrued DB benefits, respectively. Both lifecycles are 100% invested in equities until twenty years from a member’s target retirement age from which point they transition gradually into less risky assets.
Value for money for members
The Trustee carried out a full value for members assessment, looking back over the Scheme year to 31 December 2018, to assess the extent to which the investment options and the benefits offered by the Scheme represent good value for members, compared to other options available in the market.
Illustration of charges and disclosures costs
The Sponsoring employer currently pays the AMC platform expenses and administration costs. Additional expenses (“AE”) are covered by members and are those costs incurred in the management of the underlying funds which are, by nature, flexible and therefore fall outside of the AMC. The Trustee has provided an illustration of the impact of the charges and costs on members pension pots for the default options ad four funds from the Freechoice range.
Make your pension work for you
Announcements
View all
Member newsletter is now available
The Trustee has published the member newsletter 2024
Your retirement savings during the current investment market uncertainties
Over the last few days and weeks there has been some global investment market uncertainty and we understand that some members may be concerned about the impact on their pension savings.
Scheme Earnings Cap 2024
HSBC has increased the contributions it pays into your Defined Contribution (DC) pot.
More about the Scheme
One of the choices you have as a deferred hybrid member is to transfer out the value of your pension benefits to another pension scheme.
You can transfer your DB pension, DC pension pot or both, to a new employer's pension scheme or any registered pension arrangement. If you choose this option you need to complete a Transfer-out Request form which you can find in the Information Centre.
As a hybrid member, when you decide you want to take your benefits, your DB pension will be calculated using two methods and you’ll receive whichever one produces the highest pension:
1. A pension based on your DB pensionable service up to 30 June 2015 and your DB pensionable salary at date of leaving (which will include any salary increases from 1 July 2015). This will then be revalued in line with the Scheme rules to help protect your benefits from inflation,
or
2. A pension based on your DB pensionable service and DB pensionable salary as at 30 June 2015, revalued in line with the Scheme Rules as if you left service (to help protect your pension against the impact of inflation) from 1 July 2015 up to your retirement 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). 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 you die as a deferred hybrid 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. What happens to your DB pension savings will depend on your original scheme. As a deferred hybrid member, it’s important to make sure you keep your beneficiaries’ details up to date. To find out more about your DB benefits, visit the Information Centre and go to ‘Member Guides’. Then select your former scheme booklet.
For more information about protection benefits visit our choose your beneficiaries page.
If you want to know exactly how much financial support your family would receive you can use the calculations and examples in the ‘Your DB and DC Pension Benefits Working Together’ (4.6MB, PDF) in our Information Centre.
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 MSS.
Contact us
Check your pension
You'll need your username and password to log in to MSS. Don't know yours?