HSBC launches Workplace Retirement Services business

HSBC is launching a new Workplace Retirement Services business which will offer employers a range of defined contribution (DC) pension products.

This will include contract-based group personal pensions (GPPs) and stakeholder schemes in conjunction with employee benefits consultants and corporate independent financial advisors (IFAs). In addition, the service will offer a new fund platform for larger trust-based DC schemes.

Meanwhile, a bulk transfer buy-out product will enable trustees of occupational pension schemes to transfer the value of members’ DC benefits from their existing scheme into their own plan for each member.

Rob Pearce, head of Workplace Retirement Services, said: “With substantial regulatory changes on the horizon for retirement saving in the workplace, HSBC, in partnership with intermediaries, aims to play a major role in preparing employees for their future retirement.”

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