Rules rewritten
11/06/2008
Europe's biggest bank is planning changes to its pensions which could hit employees on the final salary scheme.
A third of HSBC's UK workforce of 58,000 are on the final salary scheme and, under the plans, would be asked to pay a contribution from their salary.
The bank is also proposing a significant improvement to its defined contribution pension scheme by increasing its own input.
Pension scheme costs are increasing as people are living for longer.
As a result, HSBC is proposing to raise its normal retirement age from 60 to 65.
