UK - Banking group HSBC has consolidated its UK defined contribution pensions administration offering.

The bank said the new HSBC Corporate Pensions Management unit would serve the institutional DC pensions market.

The move would consolidate "the client, product and administrative DC capabilities" of its life arm HSBC Life and employee benefits subsidiary HSBC Actuaries and Consultants Ltd. (HACL).

It would be run by David Parker, currently head of administration services at HACL, reporting to Ian Martin, head of pensions and retirement income at HSBC Life.

"This will benefit clients hugely and ensure we continue to build our world class administration services," Parker said.

"The launch of HSBC Corporate Pensions Management is a major step forward for HSBC's retirement business, providing a consolidated approach to DC administration," Martin said.

The group already provides administration services to DC schemes incorporating nearly 500,000 members and DB schemes comprising more than 250,000.

A statement said there were no other changes to HACL's advisory services or HSBC Life's retail business.