Mar 6, 2019
HSBC fights back in £450m pension row
HSBC faces a shareholder vote at next month's annual meeting over an old pension fund for thousands of UK staff which campaigners argue is "Unfair". The long-running dispute relates to "Clawback" applied to the pension payout when a member reaches retirement age and also receives a state pension. The bank said it applies a "Downward adjustment" when members hit state pension age, so that the pension sum received is "Broadly maintained". HSBC said if it made changes for future pension payments it would cost £450m and that if did so on a retrospective basis it would cost "Considerably more". Frank Field, Labour MP, has previously said it could cost of in the region of £400m to £500m. The bank also said that pension scheme members had been told about the deductions in a "Transparent manner".
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