If you’re receiving a pension from the HSBC Bank (UK) Pension Scheme (the Scheme), we wanted to let you know that it will increase on 1 January 2023 by the amount which is guaranteed under the Scheme Rules.

What does this mean?

For most members, this means that the pension in excess of the Guaranteed Minimum Pension relating to pensionable service up to 30 June 2009 will be increased by 5% and the pension relating to pensionable service from 1 July 2009 will be increased by 3%. 

Under the Scheme Rules, Bank approval is required for an additional discretionary increase to be awarded to members on top of the guaranteed increase that will be applied. After careful review and consideration, the Bank confirmed that no additional increase will be given on 1 January 2023.

What happens next?

We will write to you before 1 January 2023 to confirm the exact increase you will receive to your pension. You’ll then be able to view your pension increase information on Member Self-Service (MSS). 

Click here for some FAQs giving additional information, including details of how the guaranteed pension increases are calculated for most members of the Scheme, the additional support which may be available to members, and a leaflet on the increases titled ‘Your 2023 pension increase’. All of this is available on the ‘Other Information’ tab in the information centre.

What if I have a question about this or my pension more generally?

If you have a general question about your pension, please get in touch with the HSBC Administration Team at Equiniti and quote your full name, date of birth, full address, and member number or payroll number. This will ensure that Equiniti can respond to your query without delay.

Address: HSBC Administration Team, Equiniti, HSBC Bank (UK) Pension Scheme, PO Box 5227, Lancing, BN99 9FN.

Telephone: 0371 384 2620

Email: HSBCDBPensions@equiniti.com

If you have any further questions about the Bank’s decision relating to additional discretionary increases, please contact HRDirect on +44 3456 024348.