PARLIAMENTARY WRITTEN QUESTION
HSBC: Workplace Pensions (22 October 2024)

To ask the Secretary of State for Work and Pensions, what steps is the Department is taking to support (a) pensioners who face significant reductions in their pensions when they reach state pension age and (b) other pensioners affected by the HSBC Clawback scheme.

Asked by:
Ben Maguire (Liberal Democrat)

Members of an integrated scheme are not having money they are entitled to taken away from them when they reach state pension age. A member’s benefit entitlement is adjusted and paid as higher payments before they receive their State Pension, then in lower payments after this date.

The design of a pension offered as part of an employer’s reward package is a matter for that employer, provided that it meets the relevant legal requirements.

Answered by:
Emma Reynolds (Labour)
29 October 2024