Protest against bank’s clawback of pensions


Banking group HSBC faced a protest at its AGM last month by members of the Unite general union angry about the unfair practice known as “clawback” after it emerged that thousands are having as much as £2,500 a year snatched from their company pension pay outs. Just over a quarter of the bank’s members are in the affected scheme.


Clawback is the practice of cutting an employee’s company pension on the grounds that they will also receive the state pension. The first time people are likely to become aware of it is when they reach state pension age. 


Dominic Hook, Unite national officer, said: “It is disgraceful that this profitable and wealthy multinational bank is withholding from pensioners a significant amount of their pension”. 


He called on the bank to address the practice which not only disproportionately penalises the lowest paid, but also mainly female employees.

https://unitetheunion.org/news-events/news/2019/april/hsbc-agm-faces-demonstration-as-workers-demand-pension-justice