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What is Clawback ?
Did you join Midland Bank/HSBC at any point between 1975 and 1996?
If so this campaign is about a deduction applied to your company pension when you get to state retirement age and start receiving your state pension.
It was referred to by the Bank as a state deduction- but it is not a state deduction at all. Not a penny goes to The State.
The way it is calculated, based on service length and state pension rates, disproportionately penalises the lowest paid who have cost Midland and HSBC the least. We think this is grossly unfair. Two people with the same length of service will have the same amount of clawback applied - yet one might be on a very low pension compared to the other. Senior Managers have much less deducted as a percentage compared to cashiers as an example.
We also feel the Bank have misled us by calling it a State Deduction ... this has led many to believe it was something else.
Want to find out more?
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