HSBC closes workplace pensions division

HSBC has confirmed the withdrawal of its adviser-facing Workplace Retirement Services proposition less than three years after its launch.

As reported on 17 July in Employee Benefits’ sister publication, Money Marketing, the global bank will no longer look to distribute corporate pensions through intermediaries.

HSBC Workplace Retirement Services was launched in November 2010.

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A spokesperson from HSBC said: “Following a review of the business, we have made the decision to no longer distribute our service through external individual financial advisors.

“However, it is our intention to continue to offer our commercial banking clients a workplace pension proposition.”