YOUR GUIDE TO MY CHOICE - HSBC careers site
YOUR GUIDE TO MY CHOICE - HSBC careers site
YOUR GUIDE TO MY CHOICE - HSBC careers site
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6<br />
HOW dOeS <strong>MY</strong> CHOICe WORK?<br />
HOW dO YOu uSe YOuR<br />
BeneFIt Fund?<br />
You have the opportunity to ‘flex’ your benefit fund.<br />
You can do this by making changes to the value of your<br />
benefits package or by choosing to spend some of your<br />
salary on new benefits. Within limits, you can even take<br />
some of your benefit fund as cash in addition to your<br />
regular salary.<br />
this flexibility means you can now increase, decrease<br />
or opt out of some benefits (subject to limits) and/or select<br />
other benefits to best suit your current lifestyle or future<br />
plans. as mentioned earlier, some benefits, like matching<br />
dCS contributions or adding a partner or children to<br />
family healthcare for example, may also increase your<br />
benefit fund.<br />
WHat IS SalaRY SaCRIFICe?<br />
My Choice uses a method called salary sacrifice. Rather<br />
than making monthly contributions from your salary to<br />
purchase your chosen benefits, your monthly contractual<br />
pay will be reduced by the value of the benefits you<br />
have selected.<br />
Salary sacrifice allows you to take advantage of the<br />
potential Income tax and national Insurance Contribution<br />
savings on certain benefits. For more information see the<br />
‘What can you choose?’ section on the next page.<br />
the introduction of salary sacrifice will change your<br />
contract of employment, but you will not have to sign<br />
a new contract. If you opt to take one of the flexible<br />
benefits offered through My Choice you will automatically<br />
agree to this change and <strong>HSBC</strong> will make the appropriate<br />
reductions in your contractual salary through the<br />
Payroll System.<br />
HOW dO YOu SeleCt YOuR<br />
BeneFIt CHOICeS?<br />
You can make your initial choices using the My Reward<br />
web<strong>site</strong>.<br />
In exceptional circumstances, if you are unable to access<br />
the web<strong>site</strong>, you can also make your choices over the<br />
phone by calling My Reward Centre on 0845 603 3133.<br />
lines are open from 9am > 5pm, Monday to Friday. When<br />
calling, you will need to supply your name, employee Id<br />
and answer two security questions. Before being able to<br />
make your choices over the phone, My Reward Centre<br />
will send you the full set of terms and conditions. You will<br />
need to read these before ringing back to make<br />
your choices.<br />
WHat IF YOu CHanGe<br />
YOuR MInd?<br />
You will not be able to change your initial My Choice<br />
benefit selections until the next annual enrolment<br />
period, typically in november each year. However, if you<br />
experience a qualifying ‘life event’ (see page 26), you<br />
may change certain benefits. In addition, please note that<br />
you may change your pension choice at any time (subject<br />
to the restrictions set out in the online Benefits Guide,<br />
the normal scheme cut-off dates and the Company’s<br />
discretion).<br />
WHat HaPPenS IF YOu<br />
dO nOt REGISTER <strong>YOUR</strong> BeneFIt<br />
CHOICeS?<br />
upon joining, you have a minimum of 30 days to register<br />
your initial benefit choices. Once you join, you will receive a<br />
My Reward enrolment letter which will contain your initial<br />
election deadline date, along with the date as to when your<br />
benefit selections will become effective from.<br />
If you do not make any benefit selections by the deadline<br />
date quoted in your My Reward enrolment letter, you will<br />
receive the default benefits appropriate to you and your<br />
grade. You will only be able to change these benefits at the<br />
next My Choice annual enrolment or if you experience a<br />
qualifying ‘life event’ (See page 26).
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