Your Guide to My Choice - Insurance - HSBC careers site

performance 

through 

people 

Your 

guide to 

my Choice

Welcome to My Choice 

HSBC has a flexible benefits SCHEME FOR UK EMPLOYEES called MY CHOICE. 

Our employees told us that providing a benefits package that can be tailored to suit 

particular needs – whether its choosing childcare, or health cover, or donating to charity 

– was important. HSBC’s My Choice is another important building block in creating the 

Best Place to Work. 

3

How does MY CHOICE WORK? 

How does My Choice work? 

My Choice allows you to create a benefits package that 

is best suited to you and your lifestyle. It gives you the 

flexibility to take more of the things you value in your 

benefits package. For some of the benefits, you can also 

take less and use the cash along with your salary to buy 

new benefits at competitive rates. 

There is a wide range of benefits on offer to you and, 

in some cases, your partner or other family members. 

The benefits fall into three categories: 

Finance & Protection 

Health 

Leisure & Lifestyle 

Critical Illness Cover – for Me 

Critical Illness Cover – for My Partner 

Group Income Protection 

Life Assurance – for Me 

Life Assurance – for My Partner 

Personal Accident Cover – for Me 

Personal Accident Cover – for My Partner 

Retirement Savings – DC members 

Dental Cover 

Health Assessment – for Me 

Health Assessment – for My Partner 

Healthcare Plan 

Car Breakdown Cover 

Carbon Offsetting 

Charity Donations – Contributions to 

Specified Charities 

Charity Donations – Keep the Change 

Childcare 

Cycle2Work 

Fitness Club 

Retail Vouchers 

4


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. 

• 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. 

5


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). 

6

what can you choose? 

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 

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

finance & 

protection 





8

FINANCE & PROTECTION 

Critical Illness Cover – for Me 

Provider: HSBC Life (UK) Limited 

Critical Illness Cover – for My Partner 


• If you were to become critically ill, would you have other sources of income to 

support you and your family? 

• If you were to become critically ill and need specific care, would a lump sum 

payment ease the financial burden on your dependants? 

• Compare any existing critical illness cover you currently have with what this 

benefit offers so that you fully understand the differences. 

Critical Illness Cover – for Me provides you with a tax-free lump sum of up to £250,000 

if you are diagnosed with specified illnesses or undergo certain operations, provided you 

survive for a specified period. The cover is subject to a pre-existing condition exclusion and 

an associated condition exclusion. It’s up to you how you spend the cash, you could pay 

off your mortgage, take a recuperative holiday or cover the cost of private nursing care. 

There are two grades of cover: 

• Standard – which provides a lump sum if you are diagnosed with one of a number 

of illnesses or conditions 

• Comprehensive – which provides a lump sum for a wider range of illnesses 

and conditions. 

• Are you dependent on two sources of income? If your partner were to 

become critically ill, do you have another source of income to support you 

and your family? 

• Do you have dependants who would need financial support if your partner 

were to become critically ill? 

• Compare any existing critical illness cover your partner currently has with what is 

offered under this benefit so that you and your partner fully understand 

the differences. 

Critical Illness Cover – for My Partner provides you with a tax-free lump sum of up to 

£150,000 should your partner be diagnosed with specified illnesses or undergo certain 

operations, provided they survive for a specified period. The cover is subject to a preexisting 

condition exclusion and an associated condition exclusion. This benefit is to 

assist you and your family at a time of need. It’s up to you how you spend the cash, 

you could pay off your mortgage, take a recuperative holiday or cover the cost of private 

nursing care. 

Please note you can only choose this benefit if you have selected Critical Illness Cover – 

for Me, for yourself. 

There are two grades of cover: 

• Standard – which provides a lump sum if your partner is diagnosed with one of 

a number of illnesses or conditions 

• Comprehensive – which provides a lump sum for a wider range of illnesses 

and conditions. 

9


Life Assurance – FOR ME 


Life Assurance – FOR MY PARTNER 


• Do you have life assurance from another source? If you do, does it provide a 

sufficient level of insurance? 

• Do you have dependants to protect if something were to happen to you? 

• Do you have any debts that might become someone’s responsibility if you 

were to die? 

• Does your partner have life assurance from another source? If they do, does it 

provide a sufficient level of insurance? 

• Does your partner have dependants to protect if something were to happen to 

them? 

• Does your partner have any debts that might become someone’s responsibility 

if they were to die? 

Life Assurance – for Me provides a lump sum payment if you die while you are an eligible 

employee of HSBC. For most employees, this is currently provided through your pension 

scheme. Through My Choice, most employees have the opportunity to change the level 

of lump sum life assurance that would be paid in the event of death while still employed 

by HSBC. 

Eligible employees under age 75 can select to change their level of cover in units 

between two and ten times pensionable salary. You cannot choose to increase your life 

assurance cover if you are over age 65. Please refer to the online Benefits Guide for 

further information. 

Life Assurance – for My Partner provides a lump sum payment to you if your partner dies. 

This benefit is to assist you and your family at a time of need. Please note that you cannot 

cover your partner if they are also employed by HSBC at the date you make your choices. 

If they require life assurance cover under My Choice, they should select their own cover 

under Life Assurance − for Me. 

You can choose cover for your partner in tax-free units of £25,000. The maximum amount 

of cover is £250,000. 

For more information please visit 


10


Personal Accident Cover – FOR ME 

Provider: AIG (UK) Limited 

Personal Accident Cover – 

FOR MY PARTNER Provider: AIG (UK) Limited 

• Do you have access to any savings that you could use if you are permanently 

disabled by an accident? 

• Would a lump sum payment help ease the financial burden if you became 

disabled? 

• Are there any savings that could be used if your partner is permanently 

disabled by an accident? 

• Would a lump sum payment help ease the financial burden if your partner 

became disabled? 

Personal Accident Cover – for Me provides a tax-free lump sum benefit if you die, or 

suffer permanent total or partial disablement, due to an accident covered by the policy. 

However, the accidental death benefit may be subject to inheritance tax when it becomes 

part of a deceased person’s estate. Please note that this benefit is in addition to the 

standard personal accident cover provided to you by HSBC. 

You can choose cover in units of £30,000 (maximum benefit for permanent disability). 

The maximum amount of cover is £300,000. 

Personal Accident Cover − for My Partner provides a tax-free lump sum if your partner 

dies, or suffers permanent total or partial disablement, due to an accident covered by 

the policy. However, the accidental death benefit may be subject to inheritance tax when 

it becomes part of the deceased person’s estate. 

You can choose cover in units of £30,000 (maximum benefit for permanent disability). 

The maximum amount of cover is £300,000. 

11


use the my reward 

website to select 

your my choice 

benefits. it’s quick 

and easy. 

Retirement Savings – DC members 

• Do you want to make additional retirement savings through the DCS 

or first direct GPP? 

• Do you feel that your provision for retirement is adequate? 

• When do you plan to retire? 

• Do you know how much income you need for your retirement? 

Under the improved DCS of the HSBC Bank (UK) Pension Scheme, you are no longer 

required to contribute to your pension. The HSBC Group will make contributions of 8%. 

Please note if you are an employee of first direct, the HSBC Group will contribute 6%. 

You can also choose to make voluntary member contributions via salary sacrifice in 1% 

increments of your pensionable salary. The HSBC Group will match any contributions you 

choose to make up to 5% of your pensionable salary. 

If you are a member of the first direct GPP, you can also choose whether to stay in the 

GPP, or leave the GPP and join the DCS. 

12


Group Income Protection 


• If you were unable to work due to illness or injury would you have other sources 

of income or savings to support you or your family while you recovered? 

• Do you have dependants who would need financial support if you were unable 

to work for an extended period? 

• Do you currently have long-term income protection insurance? If so, does it 

provide sufficient cover? 

Use the My Reward 


your My Choice 


and easy. 

Group Income Protection provides a regular income if you are unable to work due to 

illness or injury for more than 26 consecutive weeks and suffer a loss of earnings. 

If you are not eligible to change this benefit it will not appear in your My Choice 

selections. If you are eligible to change this benefit, you can choose to receive: 

• 30% of benefit salary (payable for a five-year term) 

• 30% of benefit salary (payable until your Contractual Retirement Age) 


• 45% of benefit salary (payable until your Contractual Retirement Age) 


• 60% of benefit salary (payable until your Contractual Retirement Age). 

Benefit salary is generally your basic salary. If you currently receive cover under your 

contract of employment of 75% of benefit salary less Employment and Support Allowance 

(payable until your Contractual Retirement Age) you may select this option under My 

Choice. This option is only available to those currently entitled to this level of cover. 

13

HEALTH 





14

HEALTH 

Health Assessment – for Me 

Provider: Bupa Wellness 

Health Assessment – for My Partner 

Provider: Bupa Wellness 

• Do you value the comfort and security of having regular health assessments? 

• Do you have a history of heart disease, cancer or other illnesses in your family? 

Health Assessment − for Me allows you to enjoy a regular review of your physical 

condition as well as your lifestyle, to ensure your continued health and well-being. If you 

are already eligible for a company-paid health assessment you also have the option to 

upgrade this from a ‘Complete’ assessment to an ‘Advanced’ assessment at a cost to you. 

The three levels of assessment on offer are: 

• Essential Assessment – a general assessment focusing on lifestyle and health issues 

• Complete Assessment – a comprehensive assessment designed to provide you 

with an in-depth profile of your health and well-being. It also includes a 45 minute 

consultation with a Bupa doctor 

• Advanced Assessment – generally appropriate for men over age 40 and women 

over age 50 (unless there is a family history of cardiovascular disease), this is a 

full assessment of your health status and well-being that includes an Exercise 

Electrocardiogram (ECG), and a cardio-respiratory exercise test to assess the 

efficiency of your heart, lungs, metabolism, circulation and muscles during exercise. 

Please note that if you are female and over age 40, you also have the option to add a 

mammogram to the ‘Complete’ and ‘Advanced’ assessments. 

• Does your partner value the comfort and security of having regular 

health assessments? 

• Does your partner have a history of heart disease, cancer or other illnesses 

in their family? 

Health Assessment – for My Partner gives your partner the opportunity to take time out 

to review both their physical condition as well as their lifestyle, to ensure their continued 

health and well-being. 

The three levels of assessment on offer are: 

• Essential Assessment – a general assessment focusing on lifestyle and health issues 

• Complete Assessment – a comprehensive assessment designed to provide your 

partner with an in-depth profile of their health and well-being. It also includes 

a 45 minute consultation with a Bupa doctor 

• Advanced Assessment – generally appropriate for men over age 40 and women 

over age 50 (unless there is a family history of cardiovascular disease), this is a 

full assessment of your partner’s health status and well-being that includes an 

Exercise Electrocardiogram (ECG), and a cardio-respiratory exercise test to assess 

the efficiency of your partner’s heart, lungs, metabolism, circulation and muscles 

during exercise. 

Please note that if your partner is female and over age 40, you also have the option to add 

a mammogram to the ‘Complete’ and ‘Advanced’ assessments. 

15

HEALTH 





and easy. 

Healthcare Plan 

Provider: HSBC Group Healthcare Plan (administered by Bupa Insurance Services Ltd) 

• Does HSBC provide you with funding for this benefit? 

• Do you currently have healthcare cover? If so, does this provide the level of 

cover you want? 

• Does your partner have healthcare cover through their work? 

• Do you have eligible dependants who require healthcare cover? 

• If you currently have HSBC healthcare cover provided through AXA PPP 

Healthcare, would you like to transfer to the Bupa healthcare arrangement and 

release funding to spend on other benefits? 

• You and your partner should consider carefully whether it is appropriate to 

cancel any existing healthcare cover you may already have. 

The Healthcare Plan offers you and your family a range of options for medical care in 

addition to the NHS. The options offer faster access and more flexibility in the treatment 

you receive and cover diagnostic tests, home nursing and alternative therapies. 

If you select this benefit you will have access to Bupa’s 24 hour confidential ‘Healthline’. 

You will also be reimbursed for the cost of eligible out-patient treatment or investigations, 

and any in-patient treatment and accommodation you receive in private care up to 

defined levels. 

16

HEALTH 

Dental Cover 

Provider: National Dental Plan (NDP) 

• Do you currently have dental cover? If so, does this provide the level of cover 

you want? 

• If you already use a private dentist, how often do you or your family have 

treatment? What is the average yearly cost of this treatment? 

• Do you want to cover your children? They may be covered free under the NHS 

until the age of 18, or 19 if in full-time education, but it may be worth including 

them if they require orthodontic treatment (braces). 

• You and/or your partner should consider carefully whether it is appropriate to 

cancel any dental cover you might already have. 

The benefit helps cover the cost of any necessary dental treatment as well as 

preventative dental care with an NHS or private dentist. You can select dental cover for 

yourself, your partner, your children and your family. You may choose from three levels of 

cover, ranging from basic NHS coverage to more expensive private dental treatment. 

With My Choice dental cover: 

• You can visit the dentist of your choice and can even claim if you need 

treatment overseas 

• Your existing state of dental health does not affect your eligibility or your cover 

• There is no waiting period – you can claim for dental treatment from the first day you 

are covered. 

17

LEISURE & 

LIFESTYLE 





18

LEISURE & LIFESTYLE 

Childcare 

Provider: kidsunlimited 

Childcare vouchers (up to £2,915 p.a. tax and NI free) 

Cycle2Work 

Provider: Halfords 

• Do you have children under the age of 16 for whom you need to 

provide childcare? 

• Do you use a registered or approved home childcarer? 

• Are you based at Stourton or Hamilton and have children younger than five? 

• Would you like a convenient, automated way to pay for childcare that saves 

you Income Tax and National Insurance Contributions? 

• Are you eligible for, or currently receiving, Childcare Tax Credits? 

My Choice allows you to reduce your childcare costs by offering either kidsunlimited 

childcare vouchers to pay for all types of registered childcare, or the opportunity to pay 

for a place at one of the first direct on-site nurseries (subject to eligibility). 

You can choose from the following options for your childcare needs: 

• Childcare vouchers − you can choose monthly electronic childcare vouchers 

in £1 units, with a minimum monthly payment of £10. This option is available to 

all employees 

• Is cycling an appropriate mode of transport for your journey to work? 

• Do you need to get fit or find a more reliable or cheaper way to get to work? 

• Are you interested in reducing your ‘carbon footprint’? 

If you are thinking about cycling to work, or already do, this is a cheap and easy way 

to have the bicycle of your choice. Through My Choice, you can choose a bicycle and 

accessories for commuting to work from £200 up to £1,000. Choosing this benefit 

commits you for one year. 

If you select a bicycle and accessories through My Choice you will get to choose a further 

15% worth of free cycle accessories. For example, if you select a bicycle and accessories 

with a value of £300, you will be able to choose a further £45 worth of free accessories. 

Please note the 15% offer is only redeemable against standard store and ‘sold to order’ 

ranges available from Halfords, Bikehut and Cycle Republic. In addition, you will need to 

arrange insurance for the bicycle. 

• first direct on-site nurseries: 

– Stourton on-site nursery − choose to contribute in pounds and pence, with a 

minimum monthly payment of £1 (available only to Stourton-based employees) 

– Hamilton on-site nursery − choose to contribute in pounds and pence, with a 

minimum monthly payment of £1 (available only to Hamilton-based employees). 

19


Charity Donations – SPECIFIED CHARITIES 

Provider: Charities Aid Foundation (CAF) 

Charity Donations – KEEP THE CHANGE 

Provider: Pennies from Heaven 

• Do you want to contribute to charity? 

• You can still contribute to your own selected charities via the Give as You Earn 

Scheme that will continue outside My Choice. 

• Subject to approval you can start, stop or change contributions to specified 

charities at any time through a ‘life event’. 

You can make regular donations to any, or all, of the six HSBC nominated charities tax 

effectively and free from National Insurance Contributions. 

The nominated charities are: 

• Alzheimer’s Society 

• British Heart Foundation 

• Cancer Research UK 

• Mencap 

• NSPCC ChildLine 

• World Wildlife Fund (WWF). 

Contributions to each of the charities need to be in whole pounds and you can choose 

to make donations from as little as £1 a month. 

• Are you willing to give up a maximum of 99p a month to charity? 

• Are you looking for an easy way to give to charity? 

The Keep the Change scheme donates the spare pennies from your net monthly salary to 

the HSBC nominated charities. 

The nominated charities are: 

• Alzheimer’s Society 

• British Heart Foundation 

• Cancer Research UK 

• Mencap 

• NSPCC ChildLine 

• World Wildlife Fund (WWF). 

For example, if your net monthly salary is £900.17, then by signing up to the Keep the 

Change scheme you will donate 17p a month to charity. If your salary varies each month 

then the amount of pennies donated will also vary. The maximum you can give each 

month through the Keep the Change scheme is 99p. 

20


Carbon Offsetting 

Provider: HSBC Group Corporate Sustainability 

• Are you concerned about the impact of carbon emissions on the environment? 

• Do you know the size of your own carbon footprint? 

• Do you want to offset your carbon footprint and simultaneously support clean 

energy projects? 





and easy. 

Through My Choice, you have the opportunity to make regular contributions to offset 

all, or part of, your carbon footprint. Each carbon offset equates to one tonne of carbon 

dioxide avoided and costs £5 per offset for the My Choice year. To put this in perspective, 

the average UK home emits 10 tonnes of carbon dioxide each year. 

You must select a minimum of two offsets for the My Choice year, but there is no limit 

to the number of offsets you can select, subject to the overall limits applicable to 

My Choice. If you select this benefit, the cost of your carbon offset will be spread over a 

12-month period. 

For example, if you select 10 units the monthly cost will be (£5 x 10 units) / 12 months = 

£4.17 per month. 

21


Fitness Club 

Provider: LA Fitness 

Retail VoucherS 

Provider: Various 

• Are you and/or your partner looking to join a gym? 

• Are you a member of another fitness club? If so, how do they compare? 

• Is there a convenient LA Fitness gym near your home or work or even on your 

way home? 

• Are you currently a member of a gym but want to take advantage of 

corporate rates? 

Enjoy discounted gym membership for you and your partner at LA Fitness Health Clubs. 

Simply select the gym location and membership package most appropriate to you and 

your partner. 

If you have an existing LA Fitness membership, you can transfer this into My Choice 

without any penalty. 

• If you shop regularly at the same store then you may want to pay via retail 

vouchers and save money each time you shop. 

Retail vouchers enable you to benefit from great savings on your regular shopping bills or 

larger purchases. 

For example, if you selected £500 a month of Sainsbury’s vouchers, you will only pay 

£475, plus a £1.50 handling charge, each month. 

You can select retail vouchers through My Choice in £10 units per retailer per month. You 

must choose a minimum of £30 of retail vouchers each month (these can be for multiple 

retailers, so long as the total is at least £30 a month). If you want, you may also change 

the value of your voucher selection each month. 

22


Car Breakdown Cover 

Provider: Mondial Assistance (UK) Limited 

• Do you currently have car breakdown cover? If so, does it provide the level of 

cover you want? 

• Would you value the peace of mind that comes with car breakdown cover? 





and easy. 

You can choose from a range of car breakdown cover options for you and your partner, 

24 hours a day, 365 days a year for the vehicle you are travelling in. Subject to terms and 

conditions, there are three cover options on offer to you: 

• Silver 

• Gold 

• Platinum. 

Features range from standard UK roadside assistance and recovery all the way to five 

nights hotel accommodation for you and your family, should you breakdown in continental 

Europe. Simply select what you feel provides the best cover for you and your partner. 

23

MY REWARD WEBSITE 

SIX EASY STEPS TO USING the My Reward website to select your My Choice benefits. 

01 

Log on to the My Reward site using the details and 

password sent to you. 

You can access the My Reward website at 

www.myreward.staff.hsbc.co.uk. You can also access 

the website from the intranet: at Home>HR and 

Learning>Reward at HSBC or via the Reward Proposal 

intranet site. 

You will be asked to change your password when you first 

log on to the My Reward site. 

After successful log on you will see the My Choice 

area links. 

02 

Click on ‘Personal Details’ 

This takes you to the area of the site containing 

personal information. 

03 

Check your personal details are correct: 

Check to see if there are any errors in the data concerning: 

• About you 

• Your address 

• Your dependants 

– You can add or change dependant information in the 

system. Any changes you make will not be saved 

until you ‘Confirm’ your changes in the ‘Select Your 

Benefits’ page. 

Please note, if your personal information is incorrect you 

can change it using ‘My HR Desktop’ from the HSBC 

UK intranet site – select ‘My Personal Information’. 

Alternatively, contact your HR Department. 

04 

If your personal information is correct, click on 

‘OK & Continue’ 

This takes you to the ‘Select your Benefits’ page. 

05 

Make your selections on the ‘Select Your Benefits’ page 

• Click on a benefit from the table, see the options 

available to you and make your selection. 

• Click on the ‘Learn More About This Benefit’ link to 

view more details on the options available and the 

provider’s full terms and conditions. 

• Click on the ‘OK & View Selections’ button to save 

your selection and return to the table. 

06 

Submit your selections 

Tick the box to say that you have read and agreed the 

terms and conditions for all your selections in order to 

complete your submission. 

Submit your choices by clicking on ‘Confirm’. 

You will be taken to the ‘Completed Successfully’ page 

where you can view a summary of your selections. 

We recommend you print a copy of this page and keep 

it for your reference. 

24

MY REWARD WEBSITE 

Can you log on and log 

off from the My Reward 

site and save your 

selections? 

Yes. When you are logged on you will be able to save and see 

your selections by clicking the ‘OK & View Selections’ button 

at the bottom of each benefit selection page. However, if 

you want to log off, your selections will only be saved if you 

confirm them in the system. You do this by clicking on the 

‘Confirm’ button at the bottom of the ‘Select your Benefits’ 

page. If you attempt to log off without confirming your 

selections you will receive a warning message. 

Important POINTS 

TO REMEMBER 

1. Upon joining HSBC, if you don’t receive your log on 

details, please refer to the Reward Proposal intranet site or 

call My Reward Centre on 0845 603 3133. Lines are open 

Monday to Friday between 9am and 5pm. 

2. Please note, confirmation of your My Choice selections is 

entirely at HSBC’s discretion. You will be notified if for some 

reason, HSBC is not able to authorise your choice. 

3. Some partner benefits are subject to underwriting rules 

and temporary cover is given in the first instance for a 

period of 90 days. You are advised to read the relevant 

terms and conditions in the online Benefits Guide. 

4. If you need to make any changes to personal details 

held in My Choice, please ensure that you also update 

your HR records. Any changes you make within My Choice 

will not automatically update any centrally held HR records. 

5. If you have any questions about selecting your My 

Choice benefits, please call My Reward Centre on 0845 

603 3133. Lines are open Monday to Friday between 9am 

and 5pm. 

This guide is a 

summary of 

the My Choice 

benefits. Go 

to the My 

Reward 

website to 

view full 

details of the 

benefits. 

25

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. 

26

want to know more? 

Want 

to 

know 

more? 

For more information 

please visit the My Reward 

website at: 


From the intranet: Home>HR and Learning>Reward at 

HSBC or visit the Reward Proposal intranet site. 

27

THE SMALL PRINT 

The small print 

The following section provides details of the terms and conditions 

governing: 

• The operation of the My Choice scheme 

• The benefit choices available to you through My Choice 

• The use of the My Reward website. 

The information reflects the wording on the My Reward website 

at www.myreward.staff.hsbc.co.uk 

Benefit providers’ terms and conditions 

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 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. 

My Choice terms and conditions 

The information you provide on the website will be used for the 

administration and supply of My Choice benefits to you and, if 

appropriate, your dependants. 

Subject to the HSBC Group’s approval, your My Choice benefit 

selection determines your annual benefit entitlement and will 

have an impact on your contractual salary for the forthcoming 

year. HSBC needs to authorise your My Choice selections in 

order for these to retain their preferential Income Tax and National 

Insurance treatment (where applicable). 

The HSBC Group will aim to provide your My Choice selections, 

but reserves the right to vary them and cannot guarantee that 

they will be approved. Therefore, confirmation of your My Choice 

selections is entirely at HSBC’s discretion. You can view your My 

Choice benefit selections at any time during the year by accessing 

the My Reward website. 

By making selections, you will be agreeing to the necessary 

variation in your future salary entitlement (either a decrease to 

reflect an increased level of benefit or an increase to reflect a 

reduced level of benefit) and you will also be agreeing to the 

HSBC Group and/or your employing entity making the necessary 

reduction/deductions from your basic salary to implement your 

selections. Any such variation in salary entitlement will then be 

reflected in monthly pay with usual deductions for Income Tax and 

National Insurance contributions. 

The benefits offered under My Choice are subject to the benefit 

provider’s terms and conditions in place from time-to-time. These 

are detailed in the online Benefits Guide. Please make sure that 

you read and understand these terms and conditions before you 

make your selections. Your receipt of (and if applicable acceptance 

by the relevant benefit providers for) these benefits is subject 

to you agreeing to the conditions specified by them. Such third 

party offerings may create a contractual relationship that has 

legal consequences for you. 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. 

In providing your My Choice benefits the HSBC Group as your 

employer is not providing insurance cover, as this cover is provided 

by the benefit providers. A benefit provider can be a member of 

the HSBC Group as detailed in the online Benefits Guide. 

You are advised to seek independent financial advice if you 

need any guidance about the suitability of any of the benefits in 

My Choice for your personal circumstances. To find sources of 

independent financial advice visit, www.unbiased.co.uk 

Please note that special arrangements apply in respect of any 

participating staff member who is absent from work for an 

extended period of time during which his or her 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 HSBC Human 

Resources or Line Manager in advance of your absence. 

During any period of long-term absence, your My Choice benefit 

selections will continue to remain at their previous level, 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. 

28


The HSBC Group has the right, at any time in the future, to: 

• Review/withdraw My Choice 

• Change the benefits on offer 

• Change the benefit provider(s), and 

• Change the prices at which the benefits are offered to you. 

Note on Group Income Protection, Life Assurance 

The monthly cost of Group Income Protection, Life Assurance – 

for Me and Partner and Dependants’ Benefit are based on your 

salary as at 1 April and then as at the preceeding 1 October for 

each subsequent scheme year, (or date joining HSBC if later) 

adjusted for any changes in your working hours. The monthly cost 

of Retirement Savings is based on your current salary. Therefore, 

should your salary change at any time, your cover and the monthly 

cost may also change accordingly, with no further notice to you. 

Written Confirmation Statements may be issued from time to 

time confirming the benefits selected by employees, and/ or 

changes to the benefits selected by employees or changes made 

to the benefits pursuant to the My Choice terms and conditions. 

Terms of use of the My Reward website 

This site (“Site”) is operated and hosted for, and on behalf of, 

the HSBC Group by Hewitt Associates Outsourcing Limited 

(Hewitt/we/our) to allow HSBC UK employees to administer 

certain employee benefits. Your access to, and use of, this Site 

are subject to the terms and conditions contained within it. By 

accessing this Site, you accept these Terms of Use without 

limitation or qualification. 

This Site is intended for UK use only. All users must be approved 

by the HSBC Group. If you are not an approved user, then you 

must not use this Site. The entry of your Employee ID and 

password and/or any other identifier serves as verification of 

your identity. 

Any instructions, choices, or requests you make on this Site will 

be considered as your written permission to the HSBC Group, 

Hewitt and/or My Reward Centre to provide information or 

conduct transactions on your behalf, in accordance with HSBC’s 

employee policies, programmes, or employee benefit plans in 

force from time to time. 

It is your sole responsibility to review the benefits on this Site and 

any written Confirmation Statement provided to you on paper or in 

electronic format regarding any instructions, choices or requests 

that you make through this Site. You will need to review this as 

soon as possible, as it will be your sole responsibility to verify that 

the benefit selections identified on this Site and in any Statement 

correspond precisely with the choices that you have made, and 

that all other information about you (and if applicable, your partner 

and / or dependants) is accurate. 

It is your responsibility to review this Site and any information 

transmitted to you for inaccuracies. In the event that there are 

any inaccuracies, it is your responsibility to ensure that they are 

corrected as soon as possible, either by amending them yourself 

on this Site where possible, or by contacting My Reward Centre 

to request that amendments are made. Failure to do so may 

mean that you will not receive the benefits you are expecting. 

Neither HSBC, nor any third party provider or administrator will be 

responsible for providing benefits that have not been confirmed 

on the My Reward website, in a Confirmation Statement or 

separately in writing. 

The functionality of this website permits you to request or provide 

personal information – for example, pension arrangement balance 

information, pay, etc. You are solely responsible for any loss 

of privacy or confidentiality of this information, if you disclose 

your Employee ID, password, security answers, and/or other 

identifier to any other party. You agree to contact My Reward 

Centre immediately if you have reason to believe that someone 

has gained unauthorised access to your Employee ID, password, 

security answers, or any other identifier. 

This Site may not perform as intended at all times. Hewitt, the 

HSBC Group and/or My Reward Centre are not responsible 

for any error, omission, interruption or delay in operation of or 

transmission through this Site, communication line failure, system 

failure, or other circumstances beyond their control. 

This Site and its contents are provided “as is” .While Hewitt and/ 

or the HSBC Group has made every attempt to ensure that the 

information contained on this Site is complete and accurate, no 

representation or warranty of any kind is made with respect to 

the Site and the information on it. Hewitt and /or the HSBC Group 

may change the information at any time without notice. 

This Site contains copyright material as well as trademarks and 

service marks that are owned by Hewitt, the HSBC Group, 

their related entities and affiliates, and/or third parties. Nothing 

contained on this Site shall be construed as conferring any right to 

any copyright, trademark, or other proprietary interest of Hewitt, 

the HSBC Group, their related entities or affiliates, and/or any third 

party. You agree not to alter, remove or infringe any copyright, 

trademark, or service mark and you also agree not alter or remove 

any copyright, trademark, or any other notice from any authorised 

copy of the content on this Site. 

Some of the material contained on this Site is based on official 

plan documentation or contractual terms with third parties which 

govern entitlement to benefits (“official documentation”). It is the 

official documentation and the My Choice Terms and Conditions 

(set out in the Legal Information section of this Site) that governs 

your entitlement to specific benefits, not any other material 

contained on this Site. This Site is not, nor is it intended to be, the 

legal plan document, an official summary of any plan provisions or 

a contract between HSBC and you. In addition, while there may 

be instances where the official documentation provides different 

benefits to different employee groups, generally, the Site displays 

only those benefits that are applicable to an individual, based on 

his or her employee group. Every effort has been made to ensure 

accuracy and in the unlikely event that there is a discrepancy 

between the Site and the official documentation, the official 

documentation will prevail. 

29


The My Choice Terms and Conditions (set out in the Legal 

Information section of this Site) apply to the provision of any 

benefits and HSBC reserves the right to amend or terminate the 

benefit scheme(s) or associated programme(s) at any time. 

Certain links on this Site connect to websites maintained by 

third parties. No representations or warranties are made as to 

the content of these sites. Hewitt and the HSBC Group take no 

responsibility for such sites. The links to these other websites 

are not an endorsement of those websites however it is your 

responsibility to review any other website’s policies before 

providing any personal information or other sensitive information. 

On this Site, references to “HSBC Group” or “HSBC” means (1) 

any holding company from time to time of HSBC Holdings plc 

and any entity which from time to time is a subsidiary of HSBC 

Holdings plc or of any such holding company (for which purpose 

the expressions “subsidiary” and “holding company” have the 

meanings set out in sections 736 and 736A of the Companies Act 

1985); and (2) any entity over which from time to time any of the 

entities defined in paragraph (1) of this definition either directly 

or indirectly exercises management control, even though it may 

own less than fifty percent (50%) of the shares and is prevented 

by law from owning a greater shareholding; and “HSBC Group 

Member” shall be interpreted accordingly. 

30

Benefit fund examples 

Benefit fund examples for new recruits into Insurance 

Example 1 Example 2 Example 3 Example 4 Example 5 

Grade GCB 7 – GCB 8 GCB 6 GCB 5 GCB 4 GCB 3 

Annual Benefit Salary £15,000.00 £22,000.00 £32,000.00 £45,000.00 £65,000.00 

Annual Benefit Fund £2,180.76 £4,030.32 £5,843.40 £13,733.28 £18,140.88 

Monthly Benefit Salary £1,250.00 £1,833.33 £2,666.67 £3,750.00 £5,416.67 

Monthly Benefit Fund £181.73 £335.86 £486.95 £1,144.44 £1,511.74 

Make up of monthly benefit fund: 

• Retirement Savings (DCS pension)* 

£162.50 £238.33 £346.67 £487.50 £704.17 

• Life Assurance – for Me 

£2.75 £4.03 £5.87 £8.25 £11.92 

• Partner and Dependants’ Benefit 

£8.38 £12.28 £17.87 £25.13 £36.29 

• Group Income Protection 

£8.10 £11.88 £17.28 £24.30 £35.10 

• Health Assessment – for Me** 

£0.00 £0.00 £29.92 £29.92 £29.92 

• Healthcare*** 

£0.00 £69.34 £69.34 £69.34 £69.34 

• Car 

£0.00 £0.00 £0.00 £500.00 £625.00 

Assumptions 

Assumes employees are working for HSBC Insurance and are under age 40 

* Assumes employee contributes 5% pensionable salary to attract the full company match 

** This figure will only be shown at the next annual enrolment as you can only select it at that time 

*** Assumes employee has cover for themselves and their family

Your guide to my Choice – 

Benefit fund examples for new recruits into Insurance

Your Guide to My Choice - Insurance - HSBC careers site

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