HSBC UK staff gain £30 million from Sharesave schemes

Over 16,000 HSBC members of staff exercised their maturing Sharesave (SAYE) plans, and stand to make over £30 million in capital gains based on a market price of £8.37.

Colleagues have been saving monthly into two plans, a five year plan started in 2003 and a three year plan from 2005. Both plans have now matured and the value of HSBC shares being acquired today exceeds £93million.

These HM Revenue & Customs approved plans allow employees to save up to £250 per month and at the end of the term a tax-free bonus is added to an employee's monthly savings. An employee's total fund can either be returned to them or can be used to buy HSBC shares at the option price. Participants have up to six months to make their decision.

Almost 9,000 employees are exercising the five-year Sharesave plan, at an option price of just over £5.34 per share, and they stand to make an average gain of £2,882. Nearly 7,500 employees exercised the three-year plan at an option price of just under £6.68, and in turn their average gain will be £607.