Unite members to protest HSBC’s use of ‘clawback’ on pensions

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.

    Share Story:

Recent Stories


Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth.

ESG & DC – creating the right tools
In the latest of our series of Pensions Age video inteviews Francesca Fabrizi, Editor in Chief of Pensions Age is joined by Manuela Sperandeo, Head of Sustainable Indexing EMEA, BlackRock and Mark Guirey, Executive Director, Asset Owner and Consultant Coverage - MSCI to discuss some key trends of ESG investing among UK pension funds today

Multi asset credit
Pensions Age editor, Laura Blows, discusses multi asset credit with Royal London Asset Management senior fund manager, Khuram Sharih
Pensions Age podcast: buy-outs and buy-ins for member and employer nominated trustees
Pitfalls and good practice when approaching insurers with Pensions Age editor, Laura Blows, Martin Parker (Just Group) and Akash Rooprai (ITS)