In July, the Trustee wrote to the Bank to propose that the Bank agree to grant a discretionary pension increase for pensioner members with effect from January 2024.

This letter followed on from discussions the Trustee has had with the Bank around how to support those pensioners who have been most impacted by the rising cost of living, and included a range of potential options for such an increase to help the Bank consider and make its decision.

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. The Bank has advised us that after review and consideration of the Trustee’s proposal it will not award an additional increase on 1 January 2024.

The Trustee appreciates that this will be disappointing news for many of our members and have expressed this to the Bank.

The Bank has assured the Trustee that it takes pensioner hardship very seriously, and through its deliberations on this matter has agreed to make an additional donation of £5m to the HSBC Support Fund which is able to provide additional financial support directly to those pensioners, colleagues and ex-colleagues in need. The Bank is committed to improving awareness of the HSBC Support Fund and enabling HSBC pensioners to easily access the additional support when they need it the most. The Trustee understands that the Bank will look for ways to communicate and publicise the available funds to ensure that those pensioners who need the support can access it and the Trustee will support the Bank in its endeavours. More detailed information outlining the help that the HSBC Support Fund can provide will be shared with all pensioners in the coming months.

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.

If you would like to speak to an advisor to see if you are eligible for a grant from the HSBC Support Fund please call the free and confidential helpline on 0800 0234 834.