Holmwoods Section changes 1 July 2009
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1 Holmwoods Section changes 1 July 2009 This leaflet summarises the changes that were made to the Holmwoods Section of the HSBC Bank (UK) Pension Scheme (the Scheme) from 1 July Certain terms are shown in bold; you can find out what they mean on page 2. And, if you have any questions about how the changes affect you, please contact the HSBC DBS Administration Team; their details are given on page 8. This leaflet is intended only as a guide and does not cover every aspect of the Holmwoods Section and confers no rights to benefits. It should be read together with your original member guide; if you would like a copy please contact the HSBC DBS Administration Team. Key changes From 1 July 2009 To keep your pension building up at a rate of 1/60 th, you were given the option through My Choice to continue contributing 5% of your contribution salary. If you chose to stop contributing from 1 July 2009, your pension now builds up at a reduced rate of 1/80 th from that date. This will affect the benefits available to you and your dependants. All contributions, including additional voluntary contributions (AVCs), will be made through salary sacrifice (with a few exceptions). Pensions in respect of service from 1 July 2009 will increase in line with the Retail Prices Index (RPI), up to a maximum of 3% a year. You have more flexibility in your benefit choices. You can make your flexible benefit choices through the My Reward website; see Your Guide to My Choice for more details. See pages 3 7 for more information about the changes. For members of the Holmwoods Section of the Defined Benefit Section (DBS) of the HSBC Bank (UK) Pension Scheme
2 02 Terms you need to know The following words and phrases are used throughout this leaflet; here s what they mean. Civil Partner Your legally registered civil partner at the date of your death. Contribution salary This is the annual equivalent of your basic salary or wages, excluding all allowances, bonus and commission payments or other fluctuating payments. This is subject to the Scheme earnings cap for those who joined the Scheme on or after 1 June Dependant A person who, in the Trustee s opinion, is financially dependent or interdependent on you. Employment Employment with the Principal Employer or any other participating employer in the Scheme. Final pensionable salary Your highest annual average pensionable salary, in any period of three consecutive years, within the ten year period ending on the date you retire or leave pensionable service. Where you leave service more than 10 years before your 65 th birthday your benefits will be based on your pensionable service, if this is higher. Final pensionable salary is subject to the Scheme earnings cap for those who joined the Scheme on or after 1 June Guaranteed minimum pension (GMP) The part of your pension that is broadly equivalent to the pension you would have received from the State Earnings Related Pension Scheme (SERPS), if any, between April 1978 and April 1997, had you not been in contracted-out employment. GMP date The age from which the GMP is payable, currently 65 for men and 60 for women. The Group HSBC Holdings plc and all subsidiary companies in the United Kingdom, Channel Islands and the Isle of Man that participate in the Scheme. Holmwoods Section The Section of the Scheme that provides benefits for those who joined as a result of a transfer from the Holmwoods Group Pension Fund on 17 January Depending on the context, references to the date of joining the Scheme may mean the date that you joined the Holmwoods Group Pension Fund. Life Assurance Scheme The HSBC UK Life Assurance Scheme which is operated by the Group through a separate trust. My Choice The Group s benefits package that you can tailor to suit your particular needs through a dedicated website (My Reward website). For more information please contact the My Reward Centre on My Reward website The website where most UK employees can change their pension contributions available at If you work for M&S Money, British Arab Commercial Bank or an Offshore team based in Jersey, Guernsey or the Isle of Man, you will continue to make changes to your pension contributions through your existing process. Please contact your HR team for more information. Normal retirement age The age at which you would normally retire. Normal retirement age for the Holmwoods Section is currently 65. Pensionable salary This is the annual equivalent of your basic salary or wages, excluding all allowances, bonus and commission payments or other fluctuating payments, at 1 April each year. This is subject to the Scheme earnings cap for those who joined the Scheme on or after 1 June Pensionable service The number of years and complete months of Holmwoods Section membership, during which you are employed by HSBC Bank plc, or another participating employer, plus any pensionable service credits awarded, up to a maximum of 40 years. It also includes any pensionable service granted as a result of a transfer in, although pensionable service that is transferred in will not be included when working out whether the maximum of 40 years has been reached. Principal Employer HSBC Bank plc, the Principal Employer of the Scheme. Qualifying child A dependent child who is under age 18 (or 23 if in full-time education or vocational training) at the date of your death. Salary sacrifice You give up a proportion of your basic salary and an equivalent amount is paid, by your employer, into the Scheme. The reduction in your basic salary means you pay lower National Insurance contributions. When calculating contribution salary, pensionable salary and final pensionable salary, the reduction in salary resulting from any salary sacrifice is ignored and benefits are based on your notional salary (pre-sacrificed salary), so your benefits under the Scheme are not affected. Please note: salary sacrifice does not impact on pay increases, bonuses and overtime. Scheme The HSBC Bank (UK) Pension Scheme. Scheme earnings cap The Scheme earnings cap is equal to 7.5% of the Lifetime Allowance (see page 4) for the tax year 2006/07 up to the 2010/11 tax year. In following tax years it may increase as agreed between the Principal Employer and the Trustee. For the tax year 2009/10, the Scheme earnings cap is 131,250 and for 2010/11 it is 135,000. State Pension age Currently it is 65 for men and 60 for women, but is to be equalised at 65 over a 10 year phasing-in period starting in Surviving civil partner Your civil partner at the date you die. Surviving spouse Your widow or widower. Trustee HSBC Bank Pension Trust (UK) Limited, the Trustee of the Scheme.
3 03 Important information for high earners In his 2009 Budget, the Chancellor announced changes to restrict the tax relief available on pension savings for individuals whose annual total income is 150,000 or higher. These changes are intended to apply from 6 April In anticipation of the change, the Government has announced measures that apply now to prevent such individuals bringing forward pension savings to obtain additional tax reliefs for the 2009/10 and 2010/11 tax years. These transitional measures restrict higher-rate tax relief for individuals: whose income is 150,000 or more in any tax year from 2007/08; whose total pension savings exceed 20,000 in that tax year (or 30,000 in certain limited circumstances), and who change their ongoing regular pension savings. These measures have been included in the Finance Act You can find out more in HM Revenue & Customs Guidance for Individuals 'Pensions: Limiting Tax Relief for High Income Individuals', available at /pensions-individuals-1550.pdf The Principal Employer has already issued some information on the Budget in the Reward Proposal. This is available at ByRef/ukcm7ldem Once the Trustee has worked through the detail, it intends to issue a general summary in due course, for your information. If you have an annual total income of 150,000 or more in any tax year from 2007/08, you should consider the impact of the Budget before making any changes to your pension savings (for example: changing your regular contributions or by making a bonus or redundancy payment sacrifice). Please note: income is defined very widely for this purpose and we recommend that you get your own professional or independent financial advice. Contributions Ahead of the changes coming into effect on 1 July 2009, earlier this year, you were given the option to keep the rate at which your pension benefits build up by continuing to make regular contributions to the Scheme, normally through salary sacrifice. If you chose to continue contributing at a rate of 5% of your contribution salary, your pension will continue to build up at a rate of 1/60 th of your final pensionable salary for each year of pensionable service. If you chose not to continue contributing, the rate at which your pension builds up will be reduced to 1/80 th of your final pensionable salary. If you chose to continue contributing you can stop at anytime. The rate at which your future benefits build up would be reduced to 1/80 th of your final pensionable salary from the date you stop contributing. You would not be able to choose to switch back to the 1/60 th rate in the future. Salary sacrifice You give up a proportion of your basic salary (before tax) and in return your employer pays an equal amount into the Scheme. Because your basic salary is reduced, you pay lower National Insurance contributions and your take-home pay may increase. However, if you earn less than 6,500 a year, and/or less than 10% over the National Minimum Wage, you will be opted out of making contributions through salary sacrifice and any contributions you choose to make will continue to be deducted as they were before 1 July In certain circumstances it will not be possible for your AVCs to be made through salary sacrifice. You will be notified if this is the case so that you can make them in another way.
4 04 Benefits: what will you get when you retire? If you retire at normal retirement age Pension The amount of pension you receive when you retire depends on how many years pensionable service you built up before and after 1 July 2009, your final pensionable salary and the rate at which your benefits build up. If you chose to continue contributing from 1 July 2009, when you retire you will receive a pension equal to: 1/60 th x your final pensionable salary x your pensionable service Lifetime Allowance This is an allowance for the total value of pension benefits you can build up tax efficiently during your lifetime. When you take any benefits from the Scheme, their value will be checked against your available Lifetime Allowance. The Lifetime Allowance for the 2009/10 tax year is 1.75 million. It will rise to 1.8 million in 2010/11 and then remain at this level until 2015/16. After that, the Government intends to review it every five years. Benefits built up above the Lifetime Allowance will be taxed, currently at an overall tax rate of 55%. When your benefits are checked against the Lifetime Allowance, the value of your Scheme benefits will be calculated as the value of any lump sum you take, plus the annual amount of your remaining pension multiplied by a factor of 20. The value of any pensions in payment at the time will be calculated by multiplying the amount of the annual pension by a factor of 25. The value of any money purchase benefits (such as an AVC fund if you have one) will simply be the fund value of your pension account. See Appendix 1 if you were a member of the Holmwoods Section before 1 September If you chose not to continue contributing from 1 July 2009, or stop contributing at a later date, your pension will build up at a lower rate of 1/80 th from the date that you choose to stop contributing. Pension increases Once in payment, the Scheme will increase your pension each year in line with the increase in RPI. For benefits built up after 30 June 2009, increases will be subject to a maximum of 3% a year; for benefits built up between 6 April 1997 and 30 June 2009, increases will be subject to a maximum of 5% a year. Tax-free lump sum If you think a lump sum would help you at retirement, you can give up some of your pension, and take it as a tax-free lump sum instead. This would reduce your annual pension, and we strongly recommend you take independent financial advice if you are considering this option. The maximum tax-free lump sum you can take at retirement will be broadly 25% of the value of your benefits (up to 25% of your available Lifetime Allowance). If you have made AVCs, you will have a choice of: using your AVCs to provide some or all of the lump sum (provided you take all your benefits at the same time); and/or giving up some of your Scheme pension to provide some or all of the lump sum. If the maximum lump sum that you could have received for membership up to 5 April 2006 is greater than 25% of the value of your benefits at that time, you will be able to receive this amount plus broadly up to 25% of the value of your benefits built up from 6 April Specific provisions, subject to the rules of HM Revenue & Customs (HMRC), apply for members relying on primary or enhanced protection. You should notify the HSBC DBS Administration Team if you have registered with HMRC for this protection. Please note: if you want to take some of your benefits as a tax-free lump sum, your reduced pension cannot be less than your guaranteed minimum pension (GMP) at the GMP date. If you would like to know more about taking a tax-free lump sum at retirement, please contact the HSBC DBS Administration Team.
5 05 Flexible retirement Under the flexible retirement policy it is possible for you to: take your pension and lump sum from the Holmwoods Section (with the Principal Employer s consent) at any time after age 50 (with some exceptions, this will rise to 55 on 6 April 2010) but remain in employment, or stop building up and defer taking your Holmwoods Section benefits. In either case, so long as you are in employment, you may be able to continue to build up benefits through the Defined Contribution Section of the Scheme (known as the DCS). For more details about the flexible retirement options, please see the Flexible retirement options guide. You can get a copy from the pensions website or the HSBC DBS Administration Team. State Pensions The State Pension is currently made up of two parts: 1. Basic State Pension This is a flat-rate pension paid to all employees at State Pension age who have an adequate record of National Insurance contributions. It is increased each year by the State. 2. State Second Pension The State Second Pension replaced the State Earnings Related Pension Scheme (SERPS) in April 2002, and currently provides three levels of benefits based on an individual s earnings. Contracting out SERPS and State Second Pension The Holmwoods Section contracted-out of SERPS from 6 April This means you pay a lower rate of National Insurance contributions. Because of this, the Scheme has to pay a pension that is broadly no less than what you would have received from SERPS. This is known as the GMP and applies to pensionable service between April 1978 and April If a company s pension scheme benefits are good enough, it can contract-out of the State Second Pension as long as its benefits exceed the Reference Scheme Test, a 'quality of benefits' test set by the Government. Your employment is contracted-out of the State Second Pension which means that you pay lower National Insurance contributions and do not build up State Second Pension.
6 06 Keeping your nominations up to date Please make sure you complete an Expression of Wish form. And, if your circumstances change, ensure your Expression of Wish form is up to date. If you are not married or have not registered a civil partnership, you need to consider whether to complete a Nomination of Specified Dependant form. There is now an option under the Scheme to restructure how your total death benefits are paid by completing a Request to Restructure Death Benefits form. However, the Trustee will continue to have discretion as to who receives any death-in-service lump sum payable from the Scheme (or the trustee of the Life Asurance Scheme in the case of lump sums payable from that scheme). Protection: what happens when you die? If you die before your normal retirement age The following benefits would be paid: a lump sum of four times your pensionable salary (unless you chose a different level of lump sum through My Choice using the My Reward website), payable through the Group s separate Life Assurance Scheme the contributions that you have made to the Scheme, including any AVCs and (normally as a lump sum benefit) any bonus sacrifices held for your benefit under the Scheme, adjusted to reflect investment performance a pension for your surviving spouse/civil partner if you do not leave a surviving spouse/civil partner or your surviving spouse/civil partner dies, a qualifying children s allowance if you do not leave a surviving spouse/civil partner or any qualifying children, a discretionary dependant s pension may be paid. If you die after you retire The following benefits would be paid: a lump sum if you die within five years of retiring a pension for your surviving spouse/civil partner if you do not leave a surviving spouse/civil partner or your surviving spouse/civil partner dies, a qualifying children s allowance if you do not leave a surviving spouse/civil partner or any qualifying children, a discretionary dependant s pension may be paid. If you die having chosen a flexible retirement option If you die after having chosen flexible retirement, then different benefits may apply in respect of you and your dependants, depending on your chosen option; see the Flexible retirement options guide for more information. You can get a copy from the HSBC DBS Administration Team. You can find out more about death benefits in your original member guide. Again, you can get a copy from the HSBC DBS Administration Team.
7 07 Leaving employment: what happens to your benefits? If you leave Deferred pension If you leave employment before your normal retirement age, and do not receive an early retirement pension, you will be entitled to receive a deferred pension, provided you have completed at least two years pensionable service. If the Principal Employer agrees you can ask for your deferred pension to be paid at any time on or after age 50 (with some exceptions, this will rise to 55 on 6 April 2010), or earlier if you are suffering from ill health or disablement. It will be reduced because it is being paid early. You can also choose to delay taking your deferred pension up to age 75. And you may take part of your benefits as a tax-free lump sum. Transfer value Instead of a deferred pension, you may choose to have the cash value of your deferred pension paid to a new employer s pension scheme (if you leave your employer) or a personal pension scheme. If you die with a deferred pension If you die before normal retirement age and before you take your benefits, having left employment or opted-out of the Scheme with a deferred pension, the following benefits would be paid: a lump sum made up of: your contributions to the Scheme; plus any member contributions that were transferred into the Holmwoods Section from any previous pension schemes you may have belonged to; plus any AVC fund held for your benefit under the Scheme (adjusted to reflect investment performance); plus (normally as a lump sum benefit) any bonus sacrifice fund held for your benefit under the Scheme (adjusted to reflect investment performance); and a pension for your surviving spouse/civil partner. If you die on or after normal retirement age and before you take your benefits, having left employment with a deferred pension, you will be treated as if you had started to receive your benefits on the day before you died and your benefits will be calculated as shown in the section 'If you die after you retire' on page 6. If you die after you have taken your benefits, your benefits will be calculated as shown in the section 'If you die after you retire' on page 6. If you die after having chosen flexible retirement, then different benefits may apply in respect of you and your dependants, depending on your chosen option, see the Flexible retirement options guide for more information. You can get a copy from the HSBC DBS Administration Team. You can find out more about benefits on leaving in your original member guide. Again, you can get a copy from the HSBC DBS Administration Team.
8 08 Further information If you want more information about the changes or a copy of your original member guide, please contact HSBC DBS Administration Team. Phone: HSBCDBS@watsonwyatt.com Web: (from Autumn 2009) Post: The HSBC DBS Administration Team Watson Wyatt Limited PO Box 652 Redhill Surrey RH1 9AL My Reward website Log on to the My Reward website if you want to: stop making contributions to the DBS; in which case the rate at which your benefits build up will reduce to 1/80 th make changes to your AVCs opt-out of the DBS (you will not be able to rejoin in the future). If you have any questions about your DBS contributions, contact the My Reward Centre: Phone: Web: Please note: if you work for M&S Money, British Arab Commercial Bank or an Offshore team based in Jersey, Guernsey or the Isle of Man, then you will continue to make your pension changes through your existing process. Please contact your HR team for more information. My Retirement modeller The My Retirement modeller is an interactive tool that will help you work out how much income you might need in retirement, and the amount of benefits you could get depending on the decisions you make. Web: Contact the My Reward Centre if you have any questions about using the modeller. July 2009 Copyright HSBC Bank Pension Trust (UK) Limited 2009 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of HSBC Bank Pension Trust (UK) Limited. Members of the pension scheme may, however, copy appropriate extracts in connection with their own benefits under the Scheme. HSBC Bank Pension Trust (UK) Limited, 8 Canada Square, London, E14 5HQ Registration number:
9 Holmwoods Section changes 1 July 2009 Appendix 1 For members who joined the former Holmwoods Group Pension Fund before 1 September 1992 only Pension For benefits built up before 1 July 2009 When you retire from the Scheme at your normal retirement age, your benefits in respect of service before 1 July 2009 will be calculated as shown below: Men * Women * Period of pensionable service X Rate at which your pension builds up Period of pensionable service X Rate at which your pension builds up Before 17 May 1990 X 1/60 th Before 1 September 1992 X 1/50 th From 17 May 1990 to 31 August 1992 X 1/50 th From 1 September 1992 to 30 June 2009 X 1/60 th From 1 September 1992 to 30 June 2009 X 1/60 th * If you were a member of the Holmwoods Section before 1 September 1992, you may have been guaranteed a higher pension than shown above. Please contact the HSBC DBS Administration Team; their details are given on page 8 of the Pension changes leaflet. For benefits built up from 1 July 2009 If you chose to continue contributing to the Scheme, when you retire you will receive a pension equal to: 1/60 th x your final pensionable salary x your pensionable service when you retire If you chose not to continue contributing to the Scheme from 1 July 2009, or stop contributing at a later date, your pension will build up at a lower rate of 1/80 th from the date you stop contributing. You would not be able to choose to switch back to the 1/60 th rate in the future. For members of the Holmwoods Section of the Defined Benefit Section (DBS) of the HSBC Bank (UK) Pension Scheme Appendix 1
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