In order to establish a Group Head Office for HSBC Holdings in UK which will be both effective and meet the stringent regulatory requirements of the Bank of England, we may need
to relocate up to 50 Executives (many quite senior)
senior) from Hong Kong. Few, if any, of these Executives will have worked in UK and none within the last 3/4 years, and most will now take up permanent UK employment contracts.
the underlying
The enforced nature of the relocation, personal employment histories, and the fact
and the fact that no change of Employer is involved, would make the application of the UK Inland Revenue 'salary cap' on approved pension membership a very harsh penalty on those Executives faced with relocation. We believe that the legislation was not intended
was not intended to penalise individuals in such circumstances, and would earnestly seek dispensation on this matter.