HSBC UK has entered into an agreement with investment and retirement solutions provider Fidelity Fundsnetwork to offer a self-invested personal pension (Sipp).
Clients will be able to invest in a range of multi-asset funds, including seven HSBC World Selection funds, two HSBC Sustainable funds, and five third-party funds.
According to the UK bank, it has around 1.22 million clients that would qualify for the Sipp who could take advantage of pension freedoms to apply for the retirement product.
HSBC will also provide face-to-face advice to its premier and high net worth Jade clients on the Fidelity product, called Fundsnetwork Pension; its HSBC Flexible Retirement Account, and five other annuity providers.
The Sipp will be available to any client, regardless of the sum invested, the bank said.
Focus on retirement planning
James Hewitson, head of wealth management at HSBC UK, said: “We know our customers are looking for greater flexibility with their retirement planning. They want to receive their retirement income and be able to pass on their wealth to future generations in the most tax efficient way.
“Fidelity has a strong reputation within the retirement space and the FundsNetwork Pension adds flexibility, quality and convenience for our customers and advisers alike. Coupled with investing in the technology our advisers use, we are helping customers to plan their retirement income more effectively.”
Jackie Boylan, head of Fidelity FundsNetwork, said: “ The introduction of pension freedoms five years ago marked a significant opportunity to change the way in which people prepare for retirement, and our pension has been designed to offer value and choice to support them with their financial goals.”
