Keeping your DB salary link
As long as you stay working for the UK HSBC Bank and don’t opt out of being an active Hybrid member of the Scheme, your DB benefits will continue to be linked to your DB pensionable salary. This means your DB pensionable service built up to 30 June 2015 and your DB pensionable salary (subject to an ‘underpin’ – see ‘Calculating your DB benefits’ in the section below) when you either:
- opt out of DB pensionable salary linkage
- opt out of the Scheme
- leave employment
- retire, or
- die while working for the UK HSBC Group
Calculating your DB benefits
Whichever calculation below produces the higher pension will be the amount you'll receive:
- A pension based on your DB pensionable service built up to 30 June 2015 and your DBS pensionable salary at the date of opting out, leaving, retiring or on death (if you’re working for the UK HSBC Group),
- A pension based your DB pensionable service and DB pensionable salary at 30 June 2015, revalued in line with the Scheme Rules as if you had left service (this is to help protect your pension against the impact of inflation) from 1 July 2015 up to the date you retire (or die, if earlier). This is the ‘underpin’.
Click here to see your member hybrid guide which gives you more information to help you understand how your DB and DC benefits work together from 1 July 2015.
Plus, your relevant DB section member guide (and, if applicable, the 2009 Change leaflet) tells you how your DB benefits are calculated up to 30 June 2015 – see your DB section guide in the library.