YOUR GUIDE TO MY CHOICE - HSBC careers site

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26 WHat HaPPenS IF YOuR CIRCuMStanCeS CHanGe? WHat HaPPenS IF YOuR CIRCuMStanCeS CHanGe? Changes in your personal or work situation are referred to as a ‘life event’. Some common examples of what qualifies as a life event under My Choice are: • • • Going on extended leave Changes to your job Change in your marital status/number of dependants. If you experience a life event you may want to revisit some of your My Choice benefit selections. You may request a change to your benefit choices within two months of a qualifying life event. Changes are allowed with most options, however there are some restrictions. You can find out more about this in the online Benefits Guide on the My Reward website at www.myreward.staff.hsbc.co.uk Long-term absence Please note that special arrangements apply if you are absent from work for an extended period of time during which your income level is expected to change. Reasons for such absence may be sabbatical leave, long-term illness, maternity leave, secondment or leave without pay. If you anticipate taking any period of long-term absence during which your income level may change, you are strongly advised to discuss your situation with HR or line Manager in advance of your absence. Your My Choice benefit selections will continue to remain at their previous level during any period of long-term absence, unless you make changes as a result of a life event. However, the provision of your My Choice benefits is subject at all times to your monthly income level being sufficient to fund the cost of the benefit provision. If your income level drops below the level necessary to guarantee the same benefit selections, in the first instance priority will be given to funding any pension contributions to the extent your revised income allows. For other benefits, you will receive either a lower level of the benefit or the benefit may be cancelled by HSBC. Where the benefit has a minimum contract period, appropriate deductions will be made from your net pay. If your revised income level is insufficient to meet the cost of all or some of your benefits, you should consider whether it is possible to change your benefit selections as a result of a life event to reflect your revised circumstances. use the my reward website to select your my choice beneFits. it’s quick and easy.
Want to knoW more? fOR MORe infORMatiOn PleaSe viSit tHe MY RewaRd weBSite at: www.myreward.staff.hsbc.co.uk From the intranet: Home>HR and learning>Reward at HSBC or visit the Reward Proposal intranet site. Want tO KnOW MORe? 27
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YOUR GUIDE TO MY CHOICE - HSBC careers site

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