HSBC has re-entered the workplace pensions market seven years after exiting it with the launch of a master trust proposition that has received TPR authorisation today.
Corporate Adviser revealed back in February that the global banking giant was planning a master trust launch.
HSBC last entered the UK DC sector in 2010, when it came to the market with group personal pension, group stakeholder and S32a buy-out offerings under the brand HSBC Workplace Retirement Services. At that time it also launched an investment-only platform called Fund Platform, which used FNZ technology and which targeted trust-based pension schemes offering straight through processing, open architecture and access to HSBC’s target date Protected Retirement Funds.
Its foray into DC was shortlived however, exiting the market in July 2013.
