YOUR GUIDE TO MY CHOICE - HSBC careers site

all HSBC employees are entitled to a package of benefits
paid for by the HSBC Group. Your package will depend
on your grade and other factors. the total value of your
current benefits package makes up what we refer to as
your ‘benefit fund’.
YOuR BeneFIt Fund
You will be provided with a benefit fund for My Choice to
use when you make your choices during the enrolment
period. the benefit fund reflects the cost to HSBC of your
company-provided benefits. the value of your benefit
fund may go up or down depending on your benefit
selections. For example, if you choose to make matching
contributions to the defined Contribution Section (dCS)
of the HSBC Bank (uK) Pension Scheme, your benefit
fund will be increased to reflect the value of the matching
HSBC Group contributions.
Your benefit fund is made up from a combination of the
following benefits, depending on your eligibility:
• Retirement Savings (pension): for defined
contribution/GPP members, this is the employer
contribution to the scheme for you, from
1 July 2009, and will increase or decrease depending
on whether or not you take advantage of the employer
matching member contributions.
• Life Assurance − for Me: this is the current cost to the
HSBC Group of providing your benefit, which for most
employees is 4 x pensionable salary.
• Partner and Dependants’ Benefit: this is an
illustrative cost to the HSBC Group of providing your
benefit. the actual benefit provided varies depending
on your pension scheme membership.
• Group Income Protection: this is the cost to the
HSBC Group of providing this benefit, which varies
depending on your business area and pension scheme
membership.
• Health Assessment − for Me: for eligible employees,
this is the cost to the HSBC Group of providing your
benefit each year. For employees who are eligible for a
health assessment every two years, the value shown
will be the full cost of the assessment in the year
that you are eligible. If you are not eligible for a health
assessment in a particular year (for example if you took
an assessment the previous year) the value shown will
be zero.
the monthly cost shown will be the cost of a health
assessment over 12 months.
HOW dOeS MY CHOICe WORK?
• Healthcare: for eligible employees, this is the cost
to the HSBC Group of providing your benefit in the
My Choice year. the value in the benefit fund will
increase or decrease depending on whether you select
healthcare for yourself, your partner or your children
and family.
• Car: for eligible employees, this is your car allowance
and will vary by grade and business unit.
• first direct plus: this is only for first direct employees
and will vary by grade.
Please see appendix for examples of typical benefit funds.
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