HSBC announces Fund Platform features
HSBC's Workplace Retirement Services has announced the features of its new Fund Platform, launched as part of its commitment to deliver a range of group defined contribution (DC) pension products and services through Employee Benefit Consultants (EBCs) and corporate Independent Financial Advisers (IFAs).
Fund Platform is an investment only platform designed to help trustees of larger unbundled trust based DC pension schemes. It has been developed in partnership with leading platform provider FNZ, to allow trustees and scheme administrators to buy, sell and switch a wide range of investment funds online, easily, cost effectively and securely. It offers a wide range of pension funds from HSBC, third party managers and bespoke white label funds.
The key benefits of Fund Platform for EBCs are:
Straight through processing (using SWIFT messaging and ISO 20022 XML protocol): on all investment transactions, reducing cost, administration and operational risk.
Open architecture: access to funds from HSBC and third party managers and access to HSBC's innovative and unique Protected Retirement Funds.
Enabled for white labelled and blended funds: allowing trustees and their advisers to design and automatically rebalance bespoke funds for their individual clients.
Speed of access: HSBC's fully online platform provides access to continuously updated fund information and fund fact sheets and instant access to customised management information.
Transparent pricing: HSBC's buying power enables it to deliver low fund charges from managers which are passed on in full to clients.
Flexible fee structures: fee based, commission and offset remuneration strategies can be accommodated.
Security: backed by HSBC, one of the world's most secure banks, with all funds held by HSBC's own nominee.
Rob Pearce, Head of Workplace Retirement Services, says: "Fund Platform allows us to provide employee benefit consultants and their clients with high levels of security and functionality whilst at the same time enhance the quality of fund options for members. A prerequisite for today's DC investment administration is fast, effective and secure money transitions - and as a leading global bank we easily have the capability to do this.
"We have invested heavily in developing our services to meet the precise needs of the DC market and believe that our new Fund Platform provides one of the most up to date and flexible online pension investment platforms."
HSBC recently announced that it aims to become a leading participant in the UK group pensions market and launched Workplace Retirement Services to deliver a range of DC pension products and services through EBCs and corporate IFAs.
In addition to the new Fund Platform for larger DC pension schemes, HSBC's Workplace Retirement Services also offers a contract-based group personal pension and a group stakeholder pension for smaller schemes as well as a S32a buy-out plan.