THE £7bn HSBC Bank Pension Scheme is setting up a stakeholder scheme for the bank's 2500 part-time and temporary staff.
The scheme has decided to use its in-house HSBC Life Stakeholder Plan for its stakeholder provision.
HSBC UK pensions manager Steve Crosby said other stakeholder products had been considered but the HSBC Life Stakeholder Plan – which has already been implemented by supermarket giant William Morrisons – was “a reasonable product”.
He added the pension scheme’s next step was to implement a payroll system for contributions and then inform employees of the stakeholder scheme.
Crosby said: “Setting up a stakeholder scheme cannot be rushed but we are well on the way to meeting the October deadline.”
The defined benefit scheme currently invests £125m in alternative asset classes including small start up firms, £5bn in equity in the UK, North America, continental Europe and the Far East, £1.3bn in fixed income and index linked funds and £575m in property.
The bank’s final salary defined benefit scheme with more than 44,000 active members closed to new members in 1996.
HSBC Bank Pension Scheme also manages a £23m defined contribution scheme which has 23,000 active members and invests in equities, cash and gilts.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.