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Local MP Julian Knight has renewed his commitment to the fight for justice for pensions affected by the Midland/HSBC clawback scandal.
All-Party Parliamentary Group
At a meeting of the All-Party Parliamentary Group (APPG) dedicated to the campaign he has signed up once again to serve as Vice-Chairman. The APPG brings together MPs from across party lines to campaign for change.
Radio 4 – Money Box
Anger as HSBC claws back pension cash
HSBC is cutting the pensions of thousands of former bank staff, in some cases by £1,500 or more a year. The claw-back, which is legal, takes effect when members of the scheme reach state pension age.
But those affected say the rules were never explained to them and that they discriminate against women and the lower paid.
Two years ago, staff who worked between 1975 and 1996 for Midland Bank, now part of HSBC, discovered to their shock that once reaching state retirement age, the bank could strip up to £2,500 from loyal workers’ retirement income each year.
Former Midland Bank workers, activists and their supporters descended on HSBC’s AGM today (April 12 2019) in Birmingham to demand justice in their fight against a practice that will slash pension pots for some of the bank’s lowest paid 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 and 1996.