HSBC has added a self-invested personal pension to its range of advised products.
The bank entered into an agreement with the Fidelity FundsNetwork platform to enable customers to open a FundsNetwork Pension account.
The partnership means HSBC can now provide retirement advice to clients on two Sipps - the existing HSBC Flexible Retirement Account and the new FundsNetwork Pension - alongside five annuity providers.
Through the Sipps, clients 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.
The FundsNetwork Pension charges an annual service fee of 0.25 per cent plus an investor fee of £45.
Savers are able to withdraw cash and take drawdown options at no extra cost and there are also no set-up or annual administration charges .
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.
"We are looking forward to working with HSBC UK to provide better financial futures for our mutual clients.”
amy.austin@ft.com
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