This Summary Plan Description (SPD) describes the Cash Balance section of the HSBC – North America (U.S.) Pension Plan (the “plan”) as amended through January 1, 2018. However many major employers have either never made use of integration, or withdrawn it partially or fully, or capped the amount. “And then out of the blue, I got a letter in 2017 saying they’d overpaid me by £1,600. Former participants in the HBUS Plan include individuals who became employees of HSBC Bank USA, N.A. I started please select I started before 1 July 1996. The bank isn’t short of a bob or two: last month it reported a 16% rise in 2018 pretax profits to $19.9bn (£15.4bn). I worked the whole of my working life. But not HSBC. Spent it, decorated the house. They also claim there is no link to salary or pension received, so it disproportionately penalises the less well-off. We would like to show you a description here but the site won’t allow us. When asked about demanding money back from people affected by the pension scheme, HSBC said: “An error by the pension scheme administrators has unfortunately meant a small number of members have been impacted. A senior manager retiring on a £75,000 annual pension might suffer a £2,500 a year deduction on reaching state pension age. Such practices were also described as pension integration, a bridging pension or state deduction. Groups says bank’s ‘grossly unfair’ policy is costing pensioners up to £2,500 a year, Last modified on Sat 30 Mar 2019 04.04 EDT. 401k match. Learn about HSBC Holdings Pension Plan, including a description from the employer, and comments and ratings provided anonymously by current and former HSBC Holdings employees. Sharon McGeough-Adams: ‘We are furious. All rights reserved. Former HSBC employees are being asked to pay back thousands of pounds after the bank failed to apply the rules of an already controversial pension scheme. She then received another letter telling her the bank was going to start deducting £95 from her company pension each month, bringing it down to £451. “I think it’s appalling that they could treat us in this way. Ann, from Nuneaton in Warwickshire, joined Midland Bank in 1965 as a cashier but worked on and off for the next 30 years while she raised her family. “These individuals said they didn’t know about the scheme and HSBC said it’s perfectly obvious. (“HSBC Bank”) before January 1, 1997, individuals who became HSBC Bank employees as a result of the acquisition of Republic National Bank of People like Ann should not have to pay the money back, says Clive Betts, an MP on the all-party parliamentary group (APPG) on pension clawback, which is campaigning to abolish the practice. She rejoined full time in 1992 until she left in 2011. I joined please select. Clawback affects people who joined Midland Bank between 1975 and 1996 on the defined benefit pension scheme. We’ve not done anything. The bank says a number of other UK banks have similar arrangements. Supporting document for employee's cessation of employment and the date of cessation. Money was deducted from company pensions to take into account the state pension, avoiding a duplication of benefits. So I put away extra savings every month to try and boost my income in retirement. McGeough-Adams is part of a campaign group that boasts around 10,000 members and is urging the bank to abolish or effectively remedy the practice. Taking this back from me will more than wipe out all that extra money I’ve saved.”. While Ann cared for him, she had a letter from HSBC informing her that her pension was being reexamined. Many of the workers claim this “clawback practice” is unfair and that they were never informed about it. After a number of former HSBC employees living in Llanelli wrote to her to raise this, Ms Griffith helped to set up a cross-party group of MPs to campaign on the issue. A former HSBC senior vice president has filed a lawsuit claiming that the global bank retaliated against him for complaining about sexual harassment aimed at a fellow employee. Phone: 01737 227575 (Monday to Friday between the hours of 9am and 5:30pm, excluding bank holidays.) Anger as HSBC claws back pension cash HSBC … She says she will suffer a deduction of £2,317 a year when she reaches 66 in September 2023 – nearly £200 a month. Having to pay back the money through monthly instalments would not put Ann “on the breadline” but she would have to reconsider her outgoings. Constant pressure about getting referrals. – Former employee of a Union Pension Fund “I worked for them almost 18 years and didn’t think I’d be getting a pension. Contact the HSBC Administration Team at: The HSBC Administration Team Willis Towers Watson PO Box 652 Redhill Surrey RH1 9AL. On lower salaries £10,000 pension, avoiding a duplication of benefits is also unfortunate for HSBC but has come realise. 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