Local MP Julian Knight has written to both HSBC and the Pensions Minister after meeting with representatives of the Clawback campaign.
Midland Clawback represents thousands of people who have had their pensions reduced, in some cases substantially, by HSBC under a co-called ‘clawback’ clause, which allows the bank to reduce payments once the state pension starts being paid.
Dozens of residents have got in touch with Julian about this issue, and he has written to Ian Stewart, the managing director of HSBC, to suggest that the bank make ex gratia payments to former employees on low incomes who face disproportionally large cuts to their retirement income.
Julian has also written to Guy Opperman, the Pensions Minister, to suggest a course of action which might help some of the most vulnerable people affected by the clawback – especially those women who previously paid the married women stamp, who now face the clawback without any boost to their state pension.
Commenting on the news, Julian Knight said:
“It isn’t right that people on low incomes who saved for their old age should have to face steep cuts to their pensions. Many local residents have been in touch with me about this issue, and I was very pleased to meet with the Midland Clawback campaign and hear their concerns first-hand.
“I have written to both HSBC and the minister to see what can be done to help those most severely affected by the claw-back, and will report their answers back to those affected.”