The Scheme Trustee

The HSBC Bank (UK) Pension Scheme (the Scheme) is set up as a trust, so its money and investments (called “assets”) are held separately from the HSBC Bank. The trust is managed by the Trustee Board on behalf of all Scheme members. The Trustee Board manages the Scheme in accordance with the Scheme rules and pensions law.

View the Trustees

Why is the Trustee Board important to the Scheme and to members?

The Trustee Board is responsible for making sure the Scheme is well run for the benefit of all members so its role is important. The Trustee works with its advisers and services providers to make sure that:

  • Members benefits are paid when they fall due. The day-to-day administration of the Scheme is carried out by the Scheme’s administrators. The Trustee regularly checks that the administrators have adequate processes in place to ensure that the core financial transactions relating to the Scheme are processed promptly and accurately.

  • Defined Benefits are well funded. The Trustee regularly reviews the funding position of the Scheme. Every three years the Scheme’s Actuary undertakes a detailed valuation of the Scheme for the Trustee.

  • There is an appropriate investment strategy in place for Defined Benefits (DB) and that Defined Contribution (DC) members have high quality investment options available.

  • Members receive timely, tailored and helpful communications about the Scheme and their benefits. The key Scheme documents are all readily available on futurefocus.

  • It appoints and regularly reviews the services provided by the Scheme Actuary, legal advisers, investment advisers and the Scheme auditor.



The Trustee Board has several committees which have specific areas of delegated responsibility. It also has the support of the Pension Scheme Executive (the PSE). This team looks after the day-to-day management of the Scheme on behalf of the Trustee. The PSE is a team of experienced pensions professionals who are employed by the Bank with the aim of supporting the Trustee in meeting its responsibilities. The PSE is led by the Trustee Chief Executive Officer and an Executive Committee, which includes the Trustee Chief Investment Officer and the Trustee Chief Operating Officer. The PSE is fully accountable to the Trustee.

The Trustee Mission Statement

Watch the video to learn more about the Trustee mission statement:


The Trustee Board takes its role very seriously and it has set out a mission statement which covers its four key goals:

Help members to make well informed decisions about their retirement savings.

Deliver an excellent experience for members on all interactions with the Scheme.

Provide high quality investment options that enable DC members to realise their retirement ambitions.

Ensure DB benefits are paid as they fall due

The Trustee aims to manage the Scheme in a way that reflects best practice including offering value for money, ensuring risk is managed appropriately, meeting legislative requirements, and working independently but in partnership with the Bank.


The Trustee takes a long-term view that drives a culture of continuous improvement across all areas of the Scheme. As part of this, it engages with the development of UK pension policy where it helps members. The Trustee manages risk across the Scheme, including in relation to environmental, social and governance factors. It has also set important Net Zero targets and aims to maintain and evolve a strong climate risk management strategy in line with its Net Zero commitments.

Key goal of the Trustee Mission Management

"We aim to provide tailored communications to encourage
our members to engage with their Scheme benefits and
options"

Could I become a Trustee Director?

The Nominations and Governance Committee oversees the appointment and election of Trustee Directors to the Trustee Board and its committees to make sure there is a balance of skills and experience. When there is a vacancy on the Trustee Board, we write to members to let them know and to invite them to apply for the role. Members who are interested must complete an application form. An independently chaired selection panel then makes a shortlist and interview prospective candidates to select the candidate with the desired skills and competencies and to ensure there is a good mix of skills, perspective and experience on the Trustee Board.

Every Trustee Director needs to have a sufficient level of knowledge and understanding of both the Scheme and the wider world of pensions. They take part in regular formal training sessions throughout the year, and attend pension industry seminars and conferences to help them keep their knowledge up to date.

Trustee Directors are not expected to be experts. Instead, they can call on the services of their professional advisers, for example the Scheme Actuary and the investment consultants. However, they are expected to be sufficiently knowledgeable to understand the issues and so to challenge their advisors where necessary.





Ann Ling, Chair of the Audit & Risk Committee

“I was delighted to have the opportunity to become a Trustee. The role is varied and allows me to use the skills I have gained during my career.”

Who are the Trustee Directors and how do I find out more about them?

There are 11 Trustee Directors on the Board. Seven, including the Chair and the Independent Trustee are appointed by the Bank. Four are nominated by the members of the Scheme, through the member nominated director election.

View the Trustees