HSBC aims to become a leading player in the UK group pensions market over the next five years. It is launching a new business, Workplace Retirement Services (WRS), which will work with employee benefit consultants and corporate IFAs to offer employers a range of defined contribution (DC) pension products and services. The business will offer contract-based group personal and group stakeholder pensions for employers.
Launching into a marketplace worth over Ã‚Â£2 trillion*, in addition WRS has invested heavily in creating a new Fund Platform for larger trust-based DC pension schemes and put together an experienced team of specialists drawn from across the industry. HSBC’s major financial commitment to WRS is made up of direct investment in people and products and long-term capital allocation.
Rob Pearce, Head of Workplace Retirement Services, comments: “With substantial regulatory changes on the horizon for retirement saving in the workplace, HSBC, in partnership with intermediaries, aims to play a major role in preparing employees for their future retirement.”
“We have been listening to intermediaries, understanding their needs and concerns with the current market. We understand that many of their clients see the administration of a pension as more of a burden than the contributions they make. By keeping things simple and with effective administration we will keep to our promises. HSBC will continue to listen and make sure we deliver what intermediaries, their clients and employees need.”