Morrison's buys into HSBC stakeholder
HSBC Bank has clinched a deal to provide stakeholder pensions service to Wm Morrison Supermarkets' 40,000 employees.
The UK supermarket chain will be matching its employees' contributions to the scheme up to a maximum of 5pc of their monthly salaries.
Wm Morrison Supermarkets' financial director Martin Ackroyd said: “We considered several providers. HSBC’s stakeholder pension service provides good value and will complement the long-term, ongoing relationship between HSBC and Morrisons.”
HSBC’s head of life at health and pensions Harpal Karlcut said: “Competition for Morrison’s business was stiff so we knew we had to build a stakeholder package tailored specifically to its requirements.
“Our appointment reflects the bank’s determination to offer customers the best possible terms and underlines our commitment to the stakeholder market - where we intend to be a major player.”
Wm Morrison Supermarkets has 110 stores and holds 5pc of the UK retail food market. The firm also operates a final salary benefit scheme for 5500 staff.
Other stakeholder contracts won by HSBC in the last few months include the Restaurants Association with 50,000 employees, the British Shops and Stores Association with around 50,000 employees and Aston Villa Football Club.
HSBC is planning to release its full sales volume figures for stakeholder in a month's time.
By David Rowley
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