HSBC MIDLAND BANK PENSION CLAWBACK SCHEME

Motion Text

That this House notes that employees of HSBC Midland Bank's Defined Benefit Occupational Pension Scheme believe that they were not adequately made aware of the clawback feature; further notes that this feature reduces the bank's pension contribution when basic state pension becomes payable; is concerned that this means that many staff were denied the opportunity to make additional financial plans for their retirement; further notes that other banks have not applied, or have withdrawn, this scheme; and calls on the Government to abolish pension clawback schemes and to ensure that older people have security and dignity in retirement.