HSBC has become the first major high street bank to launch a retirement advice service since over-55s gained new flexibility in deploying their pension savings.
The "big four" high street lender has launched its specialised service as demand for pensions advice surges in the wake of April's reforms.
It is now on offer to those with high levels of investable assets, but the bank plans to extend it to more customers in the near future.
HSBC said the service was aimed at customers "consolidating existing pensions or making important choices about taking income". It addresses pension-related dilemmas in more detail than HSBC's general advice service, which looks at pensions in the context of customers' wider finances.
Advisers offering the service have received extra training beyond that required of the bank's wider pool of 720 regulated advisers. It is a so-called "restricted" service, meaning that it does not look to products from the entire market. Instead, it will only consider transfers into HSBC pensions - but within that, the investments draw on both HSBC and non-HSBC funds.
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