Members of the union Unite will be protesting outside the HSBC annual general meeting (AGM) on 29 April about the bank’s use of ‘clawback’ on former HSBC/Midland employees’ pensions.
Former and current employees will demonstrate against the use of clawback, which the union said was affecting 51,000 former employees and taking up to £2,500 a year from their pension pay outs.
Pension clawback involves cutting a former employee’s occupational pension on the grounds that they also receive the state pension.
Unite noted that one HSBC scheme, the Post 1975 to 1996 2/3rd Defined Benefit Scheme, used clawback, affecting 27 per cent of all HSBC pension scheme members.
The demonstrators argued that clawback was “grossly unfair” and disproportionately affected the lowest paid, mainly women, forced to take time off to raise children.
Pensions Age has contacted HSBC for comment.
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