Under the partnership, HSBC UK will offer customers the FundsNetwork Pension
HSBC UK will provide FundsNetwork Pension for its customers. (Credit: Pixabay/bertholdbrodersen )
Financial services firm HSBC UK has signed a new partnership agreement with Fidelity FundsNetwork, a provider of investment and retirement solutions, to offer FundsNetwork Pension.
The FundsNetwork Pension is said to provide competitive charges for all types of customers, including those who make modest pension savings and those who consolidate all of the retirement savings into one pool.
Fidelity FundsNetwork head Jackie Boylan said: “We are delighted to be partnering with HSBC UK to meet the needs of both its advisers and their customers.
“The introduction of Pension Freedoms five years ago marked a significant opportunity to change the way in which people prepare for retirement and our Pension has been designed to offer value and choice to support them with their financial goals.
“We are looking forward to working with HSBC UK to provide better financial futures for our mutual clients.”
HSBC UK will provide retirement advice to its Premier and Jade customers on two SIPPs
According to the company, as 1.22m of its qualifying customers are reaching retirement age, applying for self-invested person pension (SIPP) allows them to choose and manage their own investments.
HSBC UK offers face to face retirement advice to its Premier and Jade customers on two SIPPs, including the HSBC Flexible Retirement Account and FundsNetwork Pension, along with a panel of five annuity providers.
In addition, the company empowers its SIPP customers to invest in variety of funds including seven HSBC World Selection Multi Asset Funds, two HSBC Sustainable Multi-Asset Funds, and five third-party multi asset funds.
HSBC UK wealth management head James Hewitson said: “We know our customers are looking for greater flexibility with their retirement planning. They want to receive their retirement income and be able to pass on their wealth to future generations in the most tax efficient way.
“Fidelity has a strong reputation within the retirement space and the FundsNetwork Pension adds flexibility, quality and convenience for our customers and advisers alike. Coupled with investing in the technology our advisers use, we are helping customers to plan their retirement income more effectively.”
HSBC UK offers retail banking and wealth management services to personal and private banking customers, along with commercial banking services for SMBs and large corporates.
Currently, it serves approximately 14.5 million customers across the UK.
In March, the bank extended financial support for businesses dealing with the prevailing COVID-19 outbreak by implementing new measures.
As part of the measures, HSBC UK cancelled the £100 fee for small business loans with immediate effect.