HSBC has made changes to its lending into retirement rules.
The bank says its changes will apply to applicants who are more than 10 years from age 70, or their anticipated retirement age, whichever is sooner.
It now requires confirmation of pension provision to be provided for these customers.
The business tells brokers in a note that when submitting a case, the following documents should be included:
- the latest payslip evidencing pension contributions
- the most recent pension statement
- confirmation of pension scheme participation; or,
- the latest bank statement showing pension payments
It adds that brokers will need to upload evidence of pension provisions with an application.
“Once the system has been aligned with these changes, it will automatically ask for these document(s),” the firm says.
Pipeline cases will need no further action, unless otherwise requested.
