HSBC Bank Pension Scheme

HSBC Bank (UK) Pension Scheme is a single-employer corporate pension based in Redhill, United Kingdom. The plan provides retirees with a predetermined monthly retirement benefit upon reaching a specific age. The retirement benefit paid to a retiree is calculated using a formula that often employs years of credited service under the plan and salary information. The retirement benefit is payable to the employee upon attainment of their normal retirement age for the remainder of his/her lifetime. The pension scheme is administered by the trustee directors on the board. HSBC Bank UK and BNY Mellon serve as custodians.