HSBC has signed up Standard Life to provide a Group SIPP arrangement for employees who are looking to invest maturing HSBC Share Reward Plans into a pension.

The Group SIPP, available to all participants in UK HSBC share plans, provides employees with an easy way to transfer shares held in the plan to the Group SIPP with the additional bonus of income tax relief, said HSBC. The Group SIPP will join the existing HSBC defined benefit and defined contribution pension arrangements.

The Group SIPP was implemented by HSBC Actuaries and Consultants Limited, the employee benefits arm of HSBC.

Andy Dickson, senior business development manager at Standard Life, said: The deal with HSBC is unusual in that we have developed a bespoke unitized single company share tracker fund which is invested solely in HSBC stock. This will allow all employees to buy or sell units in this fund, rather than incur individual dealing costs and stamp duty while continuing to fully participate in the growth and success of their company.

John Beadle, head of group performance and reward at HSBC, added: Our Sharesave Scheme is popular with employees as it provides an opportunity to save up to GBP250 per month to buy shares in HSBC at 20% below market value. The Group SIPP with Standard Life provides additional advantages for employees through UK tax relief and so helps retain our people and allows them to invest in the company.