HSBC’s defined benefit pension fund is to close to all existing members in June 2014 following a consultation with employees.
In a statement, an HSBC spokesperson said that the changes are “designed to provide more equitable benefits for the whole of our population on UK-based contracts, which currently vary significantly”.
The bank added that any future benefits would be built up in the defined contribution part of the scheme where it “will continue to provide a core contribution of 8 per cent of annual salary and propose to increase the contribution on a matching basis up to an additional 8 per cent of annual salary".
HSBC denied that these proposals will allow it to “improve income protection, maternity, and adoption pay and harmonise holiday entitlements for a large number of our people”.
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