Frequently asked questions
- How much should I pay in?
- How much will I get?
- When should I get a pension?
- Which is better - company or private?
- What happens if I die while paying into a pension?
- How often should I review my retirement plan?
- How should I invest my money?
- How do I pass my wealth to my children?
How much should I pay in?
Choose a monthly figure you can comfortably afford and aim to increase this every 12 months. Professional advisers recommend you aim for a pension income of 60-80% of your salary.
How much will I get?
Your local site may be able to provide a more specific figure.
When should I get a pension?
Generally speaking, pension payments begin between the ages of 50 and 70.
Which is better - company or private pension?
If a company scheme involves an employer contribution then in theory it should provide the best returns. In an ideal world you should run a company scheme and a private scheme concurrently. Check with your HSBC adviser to find the best solution.
What happens if I die while paying into a pension?
Often the fund becomes part of your estate and is paid to your beneficiaries.
How often should I review my retirement plan?
Once every 12 months is appropriate for most people. Aim to increase contributions to keep in line with inflation and any pay increases. Also check to ensure your money is working according to plan.
How should I invest my money?
Your investment strategy should match your attitude towards risk. Generally speaking, if retirement is only a few years away we would recommend secure investments. If retirement is many years away we would recommend a more balanced approach.
How do I pass my wealth to my children?
The rules of inheritance vary considerably between countries. Often a written Will plays a key part in wealth transfer from one generation to the next. Contact HSBC to see what services are available in your country.
