YOUR GUIDE TO MY CHOICE - HSBC careers site

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6 HOW dOeS MY CHOICe WORK? HOW dO YOu uSe YOuR BeneFIt Fund? You have the opportunity to ‘flex’ your benefit fund. You can do this by making changes to the value of your benefits package or by choosing to spend some of your salary on new benefits. Within limits, you can even take some of your benefit fund as cash in addition to your regular salary. this flexibility means you can now increase, decrease or opt out of some benefits (subject to limits) and/or select other benefits to best suit your current lifestyle or future plans. as mentioned earlier, some benefits, like matching dCS contributions or adding a partner or children to family healthcare for example, may also increase your benefit fund. WHat IS SalaRY SaCRIFICe? My Choice uses a method called salary sacrifice. Rather than making monthly contributions from your salary to purchase your chosen benefits, your monthly contractual pay will be reduced by the value of the benefits you have selected. Salary sacrifice allows you to take advantage of the potential Income tax and national Insurance Contribution savings on certain benefits. For more information see the ‘What can you choose?’ section on the next page. the introduction of salary sacrifice will change your contract of employment, but you will not have to sign a new contract. If you opt to take one of the flexible benefits offered through My Choice you will automatically agree to this change and HSBC will make the appropriate reductions in your contractual salary through the Payroll System. HOW dO YOu SeleCt YOuR BeneFIt CHOICeS? You can make your initial choices using the My Reward website. In exceptional circumstances, if you are unable to access the website, you can also make your choices over the phone by calling My Reward Centre on 0845 603 3133. lines are open from 9am > 5pm, Monday to Friday. When calling, you will need to supply your name, employee Id and answer two security questions. Before being able to make your choices over the phone, My Reward Centre will send you the full set of terms and conditions. You will need to read these before ringing back to make your choices. WHat IF YOu CHanGe YOuR MInd? You will not be able to change your initial My Choice benefit selections until the next annual enrolment period, typically in november each year. However, if you experience a qualifying ‘life event’ (see page 26), you may change certain benefits. In addition, please note that you may change your pension choice at any time (subject to the restrictions set out in the online Benefits Guide, the normal scheme cut-off dates and the Company’s discretion). WHat HaPPenS IF YOu dO nOt REGISTER YOUR BeneFIt CHOICeS? upon joining, you have a minimum of 30 days to register your initial benefit choices. Once you join, you will receive a My Reward enrolment letter which will contain your initial election deadline date, along with the date as to when your benefit selections will become effective from. If you do not make any benefit selections by the deadline date quoted in your My Reward enrolment letter, you will receive the default benefits appropriate to you and your grade. You will only be able to change these benefits at the next My Choice annual enrolment or if you experience a qualifying ‘life event’ (See page 26).
What Can You Choose? Over the following pages you will find a summary of each of the benefits on offer under My Choice. Please note this Guide is a summary document and doesn’t provide you with full details of the benefits. It’s very important that you review the information provided in the online Benefits Guide and look at the terms and conditions before selecting any benefit. Please note: If you have any existing products or insurance cover, before you decide to cancel them, you should bear in mind the benefits provided under My Choice will only be provided for you as long as you remain an HSBC employee and it may be more expensive, more difficult, or impossible to obtain other products or insurance cover again after you leave. If you do decide to cancel any existing products or cover, do not do so until you are covered under the My Choice benefits. It is important that you compare the offerings covered by any policy before you decide to cancel existing products or cover with what is offered under the My Choice benefits so that you understand any differences in cover. as you browse through the benefits on offer please look out for the icons below. they are designed to let you know if this benefit provides you with Income tax and/or national Insurance Contributions savings. they will also tell you if the benefit is part of your existing employee package (a core benefit). You will not pay Income tax on this benefit You will not pay national Insurance Contributions on this benefit Core benefit For full details of the coverage and restrictions relating to these benefits, please refer to the online Benefits Guide on the My Reward website: www.myreward.staff.hsbc.co.uk Please note that each benefit is subject to the terms and conditions of the provider as detailed in the online Benefits Guide and as amended from time-to-time. It is important for your own protection that you read these terms and conditions and the important information provided carefully and in full, before selecting each benefit. You will be required to confirm that you have read, understood and accepted the terms and conditions before making your benefit selections. the terms and conditions set out what is covered, what is not covered, the limitations and exclusions that apply and where words and phrases have specific meanings for that benefit. If you do not comply with the relevant terms WHat Can YOu CHOOSe? and conditions, any claim made may be refused or not paid in full. the HSBC Group shall not be liable to provide any benefits or any compensation in lieu thereof, or take any action to enforce the provision of such benefits in circumstances where the relevant provider refuses for any reason whatsoever, to provide any benefits to you. the benefit terms and conditions and other important information that applies to each benefit can be found in the online Benefits Guide. If you do not understand something please contact My Reward Centre for further information. FInanCe & PROteCtIOn Pages 8 – 13 HealtH Pages 14 – 17 leISuRe & lIFeStYle Pages 18 – 23 7
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YOUR GUIDE TO MY CHOICE - HSBC careers site

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