HSBC UK announced yesterday a partnership with Fidelity FundsNetwork to launch a new self-invested personal pension (SIPP).
The agreement will enable HSBC UK to offer the Fidelity FundsNetwork platform to its 1.22 million customers nearing retirement age. They will be able to open a FundsNetwork Pension account via their HSBC accounts.
HSBC UK says it will now be able to provide SIPPs and retirement advice to clients on its existing HSBC Flexible Retirement Account and the new FundsNetwork Pension. HSBC Premier and Jade clients have access to face-to-face retirement advice for SIPPs.
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."
SIPP customers at HSBC can invest in a choice of funds including seven HSBC world selection multi-asset funds, two HSBC sustainable multi-asset funds, and five third-party multi asset funds.
James Hewitson, HSBC UK head of wealth management, 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, Fidelity FundsNetwork head, added: "We are delighted to be partnering with HSBC UK to meet the needs of both its advisers and their customers.
"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. We are looking forward to working with HSBC UK to provide better financial futures for our mutual clients."