The HSBC Bank (UK) Pension Scheme ("the Scheme")
Make your pension work for you
When you join HSBC, you will become a Defined Contribution (DC) member of the Scheme.
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Make your pension work for you
From your first day working with us, HSBC puts money into your DC pension pot, even if you do nothing. If you also contribute to your DC pension pot, HSBC will put in even more.
HSBC gives you 10% of your first £27,300 pensionable salary
then 9% of anything over £27,300 up to the scheme earnings cap, currently £186,000.
Plus HSBC will match anything you pay up to 7% of your pensionable salary up to the scheme earnings cap, currently £186,000.
It's quick and easy to change how much you're contributing and you can change your contributions once a month.
HSBC pays most of the fees
HSBC pays the administration and investment management fees for the investment options currently available. However depending on the fund, there may be other investment costs which will be reflected in the price of the fund. These costs are variable and likely to be between nil and 0.2% pa.
See what you get per month
7%
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HSBC contributes 10% 10% of your first £27,300 pensionable salary then 9% of anything over £27,300 up to the scheme earnings cap currently £186,000
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£ 0.00
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Your contribution 7%(adjustable)
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£ 0.00
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HSBC matches your contribution 7%(up to 7%)
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£ 0.00
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Total monthly payment into your Pension 24%
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£ 0.00
DC Fund factsheets
The latest quarterly DC Fund factsheets and the latest monthly flash report are now available in the Information Centre.
Announcements
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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.
Actuarial Valuation as at 31 December 2022
The Trustee is pleased to announce that the formal Actuarial Valuation of the Scheme as at 31 December 2022 has been completed and signed by the Trustee and the Bank.
About your DC pension pot
If you’ve built up pension savings with a previous employer or in a personal pension, you may be able to transfer them into the Scheme.
The amount of savings you end up with from any transfer-in payment depends partly on how well your investments perform and when you take your DC pension pot.
The Scheme may provide benefits in a different way from your previous scheme; for example, your previous scheme may link benefits directly to your salary. So it’s worth thinking carefully about whether transferring your pension savings into your DC pension pot will make the most of your money.
For more information about transferring savings from another pension scheme, see the DC Member Guide, Knowing your DC pension pot’ (4.6MB, PDF) in our Information Centre.
If you die while you’re working for the HSBC, there are a few ways in which your family and dependents could get financial help. These include:
- Lump sum death benefit
- Spouse/civil partner’s pension
- Dependant’s allowance
- Children’s allowance
For more information about protection benefits, visit our 'Choose your beneficiaries' page. Or see the DC Member Guide, ‘Knowing your DC pension pot’ (4.6MB, PDF) in our Information Centre.