HSBC Life has outsourced £1.8bn of its defined contribution pension assets to Fidelity’s investment platform, marking the largest shift of any DC plan in the UK.

Fidelity Worldwide Investment will offer investment only services to the DC section of the UK scheme, while Towers Watson will continue to administer member accounts.

HSBC Bank Pension Trust CEO Lesley Alexander said Fidelity will offer a “market leading” investment platform and the ability to “implement scheme-specific investment solutions in a more efficient environment".

Fidelity DC and workplace savings head Julian Webb added the transition of assets was done at zero cost to the members and “fully replicated pre-existing arrangements”.

HSBC’s DC plan is the UK’s third largest plan by AUM with 38,000 members.

Earlier this year, HSBC announced plans to pull out of the workplace pensions market as part of plans to sell its UK third-party pensions business to ReAssure in 2015.

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