When I got the state pension in 2016, I was still getting the same amount,” says Yvonne, who worked as a clerk at branches in north London. A range of benefits, which may cover areas such as work-life balance, insurance and savings, health and personal development. Yvonne says she enjoyed working for HSBC but has come to realise “they just don’t care about the staff”. Around 52,000 people who joined Midland Bank (which later became part of HSBC) were signed up to the now-defunct defined benefit pension scheme between 1975 … The bank’s board “unanimously recommends that shareholders vote against the resolution”. Pension “clawback” was introduced in 1948, when the state pension launched. Having to pay back the money through monthly instalments would not put Ann “on the breadline” but she would have to reconsider her outgoings. We’ve not done anything. “I had the most stressful year of my life last year. And then they slap that on me. “The point is during my career with the bank, I knew that because of broken service and part-time work I wouldn’t come out with anywhere near the maximum pension. H SBC has come under fire from politicians for cutting the pension payouts of its former staff by up to £2,500 a year. There’s a fundamental conflict with the line they’ve been putting out. The news about the clawback repayment could not have come at a worse time. Clawback affects people who joined Midland Bank between 1975 and 1996 on the defined benefit pension scheme. Active (Eligible) Participants 6,929; Retired or separated participants receiving benefits 15,187; Other retired or separated participants entitled to future benefits 32,474; Subtotal 54,590; Deceased participants whose beneficiaries are receiving or are entitled to receive benefits 1,950; Total 56,540; Total number of participants as of 01/01/2017 69,225 Introduction. “We are furious at HSBC. They have directed shareholders to vote against our resolution while at the same time asking them to vote for the board’s generous pay increases,” she says. P.O. "To locate a lost plan, former employees will need any document that has contact information for their old employers," says Jane Smith, a policy analyst at the Pension … “At the time this feature was introduced in 1975, a large number of pension schemes integrated their pension benefits with the state pension, and a significant number of these schemes continue to contain similar features, albeit using different approaches to achieve the integration.”. © 2020 Associated Newspapers Limited. These individuals said they didn’t know about the scheme and HSBC said it’s perfectly obvious. Ann Marston, 69, has been told she owes the bank more than £8,000 because it was not applied when she started receiving her state pension at 60. The Cash Balance section of the plan (the “Cash Balance section”) covers employees of HSBC North America Holdings Inc. (“HSBC – North America”) and Participating Employers who were first employed by HSBC … Yvonne Stredder, 66, from Hertfordshire, resigned from HSBC in 2015 and began to receive a company pension of nearly £300 a month. They want £1,600 back, basically.”, Yvonne did not take the news lightly. “What they lose sight of is the fact that… we maintained [customer] loyalty by the service we gave them and then they turn round and treat us like this.”. HSBC ’ s approach to remuneration consists of four main elements: Fixed pay. This is a great surprise.” – Former employee, Major Hotel Chain “I didn’t know All Steel had been acquired by another company who would have my benefits. “For someone like me that’s a lot of money,” she says. It is estimated that about 52,000 former employees of HSBC … Ann, from Nuneaton in Warwickshire, joined Midland Bank in 1965 as a cashier but worked on and off for the next 30 years while she raised her family. Taking this back from me will more than wipe out all that extra money I’ve saved.”. Photograph: Lawrence White/Reuters. Contact the HSBC Administration Team at: The HSBC Administration Team Willis Towers Watson PO Box 652 Redhill Surrey RH1 9AL. So obvious they didn’t even know about it themselves in this case? HSBC introduced the deductions in 1975, and the policy applies to about 52,000 members of its scheme who joined the bank between January 1975 and June 1996. LLANELLI’S MP Nia Griffith is campaigning for justice for HSBC employees whose pensions have been reduced by up to £2,500 per year. All rights reserved. Such practices were also described as pension integration, a bridging pension or state deduction. Your pension asset is valuable and by getting the right advice you will maximise your funds impact on your life and retirement. Sharon McGeough-Adams: ‘We are furious. Clawback is calculated using a person’s length of service, not their salary. Glassdoor is your resource for information about the Pension Plan benefits at HSBC Holdings. The practice is called “clawback” and it involves cutting an employee’s company pension on the grounds that they also receive the state pension. This Summary Plan Description (SPD) describes the Cash Balance section of the HSBC – North America (U.S.) Pension Plan (the “plan”) as amended through January 1, 2018. Some people stand to lose up to £2,500 a year. The amount which retired HSBC workers will lose varies, but for some it could be as much as £2,500 a year — not an insubstantial amount for … Premier Banking. “It is disgraceful that this profitable and wealthy multi-national bank is demanding that pensioners pay them a significant amount of their pension. Constant pressure about getting referrals. Attention: Mail stop NOE 1290 1 Corporate Drive, Suite 360 Lake Zurich, IL 60047-8945 They also claim there is no link to salary or pension received, so it disproportionately penalises the less well-off. “I said: ‘I’m sorry, I spent it in good faith, you gave it to me, you were aware of my status and everything else… I’m not paying it back because I can’t afford it’.”. She has already had to cut back since HSBC began applying the clawback to her pension. We Specialise in Helping HSBC Employees and ex employees There are lots of options available and wading through the various choices are daunting. 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