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.
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