{"id":8235,"date":"2019-03-06T13:12:18","date_gmt":"2019-03-06T13:12:18","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/hsbc-fights-back-in-450m-pension-row\/"},"modified":"2019-03-06T13:12:18","modified_gmt":"2019-03-06T13:12:18","slug":"hsbc-fights-back-in-450m-pension-row","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/hsbc-fights-back-in-450m-pension-row\/","title":{"rendered":"HSBC fights back in \u00a3450m pension row"},"content":{"rendered":"\n
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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”.<\/p>\n

The long-running dispute relates to “clawback” applied to the pension payout when a member reaches retirement age and also receives a state pension.<\/p>\n

Britain’s biggest bank said it would cost \u00a3450m to stop the practice for members yet to retire.<\/p>\n

It is urging its shareholders not to vote for the resolution on 12 April.<\/p>\n

The detail of the shareholder vote is set out in the notice for the bank’s annual general meeting<\/a> which is to be held in Birmingham, where it has opened a new headquarters for its UK bank.<\/p>\n

Requisitioned by the Midland Clawback Campaign Shareholder Group, the resolution calls for the bank to “abolish, or effectively remedy, the unfair discriminatory practice” – also known as “state deduction” – from the pensions paid to members of the now closed 1974 Midland Bank defined benefit pension scheme.<\/p>\n

HSBC took over Midland in the 1990s and the scheme has 52,000 members who would have been eligible to join between 31 December 1974 and 1 July 1996. Until June 2009, it was a final salary, non-contributory scheme.<\/p>\n