HSBC is proposing changes to the pensions of its 58,000 staff in Britain, which could see the normal retirement age raised to 65 from 60 and a third of workers asked to contribute to a final-salary scheme.
Europe's biggest bank outlined the plans today, which could require the third of UK staff on the final-salary scheme to pay a contribution from their salary.
HSBC said it had made the proposals as people are living for longer, and every extra year's life expectancy adds £340 million to the liabilities of its final-salary pension scheme.
The bank said it would improve its defined-contribution pension scheme, used by the remaining two-thirds, by increasing its own input.
The bank said it wanted to improve benefits for staff to help it attract and retain employees, and the changes would cost it an extra £54 million next year.
Staff can still retire at 60, but the amount of final salary paid would be reduced to account for it being paid before 65.