{"id":17807,"date":"2019-04-12T14:58:40","date_gmt":"2019-04-12T13:58:40","guid":{"rendered":"http:\/\/unitelive.org\/?p=17807"},"modified":"2020-11-12T12:56:51","modified_gmt":"2020-11-12T12:56:51","slug":"clawback-hsbc-agm-demo","status":"publish","type":"post","link":"https:\/\/unitelive.test.igniteamt.com\/?p=17807","title":{"rendered":"Claws off my pension!"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n<p>Former Midland Bank workers, activists and their supporters descended on HSBC\u00e2\u20ac\u2122s AGM today (April 12) in Birmingham to demand justice in their fight against a practice that will slash pension pots for some of the bank\u00e2\u20ac\u2122s lowest paid staff.<\/p>\n<p>&nbsp;<\/p>\n<p>Two years ago, staff who worked between 1975 and 1996 for Midland Bank, now part of HSBC, <a href=\"http:\/\/unitelive.org\/clawback-address-unfairness-call\/\">discovered to their shock<\/a> that once reaching state retirement age, the bank could strip up to \u00c2\u01412,500 from loyal workers\u00e2\u20ac\u2122 retirement income each year.<\/p>\n<p>&nbsp;<\/p>\n<p>Today,\u00c2\u00a0 former and current staff, Unite members,\u00c2\u00a0protested against this practice, known as clawback, where employers reduce, or \u00e2\u20ac\u0098claw back\u00e2\u20ac\u2122 their former workers\u00e2\u20ac\u2122 pensions by the basic state pension amount once they reach state pension age.<\/p>\n<p>&nbsp;<\/p>\n<p>The workers, mostly women who took time out of their careers to raise children, are angry that the bank failed to inform them of this policy and now face losing up to a third of their pension.<\/p>\n<p>&nbsp;<\/p>\n<p>Unite has highlighted the campaigners\u00e2\u20ac\u2122 plight in a new video launched today (April 12) to coincide with the protest:<\/p>\n<p>&nbsp;<\/p>\n<p><iframe loading=\"lazy\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/JF5ZEk4MjZ0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p>Among those attending today\u00e2\u20ac\u2122s protest was Maria Hipkiss, 62, who spent more than four decades working for Midland Bank. Now, through clawback, she stands to lose\u00c2\u00a0more than \u00c2\u01411,400 a year once she hits state pension age at 66.<\/p>\n<p>&nbsp;<\/p>\n<p>\u00e2\u20ac\u015bWe absolutely loved working for the bank \u00e2\u20ac\u201c it was like being part of a family,\u00e2\u20ac\u0165 Maria told UNITElive. \u00e2\u20ac\u015bWe were loyal staff who were very dedicated to the work we did. To be repaid for this loyalty with our pensions being slashed like this is a massive betrayal.\u00e2\u20ac\u0165<\/p>\n<p>&nbsp;<\/p>\n<p>Maria (pictured below), from the Midlands region, said she was motivated to attend the event in support of other colleagues who will be hit even harder by clawback than she is.<\/p>\n<p>&nbsp;<\/p>\n<div id=\"attachment_17808\" style=\"width: 610px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-17808\" loading=\"lazy\" class=\"size-full wp-image-17808\" src=\"http:\/\/unitelive.org\/wp-content\/uploads\/2019\/04\/clawback-maria-hipkiss.jpg\" alt=\"Maria Hipkiss has lost \u00c2\u01411417 in clawback from her pension\" width=\"600\" height=\"400\" \/><p id=\"caption-attachment-17808\" class=\"wp-caption-text\">Maria Hipkiss has lost \u00c2\u01411417 in clawback from her pension<\/p><\/div>\n<p>&nbsp;<\/p>\n<p>\u00e2\u20ac\u015bI\u00e2\u20ac\u2122m one of the lucky ones in that my husband still works,\u00e2\u20ac\u0165 Maria explained. \u00e2\u20ac\u015bBut I know a colleague who will have \u00c2\u01411,000 deducted from her \u00c2\u01413,000 pension pot each year. It\u00e2\u20ac\u2122s is outrageously unfair that clawback\u00c2\u00a0hits the lowest paid workers hardest.\u00e2\u20ac\u0165<\/p>\n<p>&nbsp;<\/p>\n<p>\u00e2\u20ac\u015bWhat\u00e2\u20ac\u2122s even more galling is that the vast majority of companies have done away with clawback altogether, or like Barclays, have placed a cap on how much can be clawed back. It\u00e2\u20ac\u2122s an outdated practice and it\u00e2\u20ac\u2122s not right.\u00e2\u20ac\u0165<\/p>\n<p>&nbsp;<\/p>\n<p>Maria, who thanked Unite, the media, campaigners, MPs and others who have supported their cause, said she was especially hopeful after today\u00e2\u20ac\u2122s demonstration.<\/p>\n<p>&nbsp;<\/p>\n<p>\u00e2\u20ac\u015bThe demo was brilliant \u00e2\u20ac\u201c hundreds came out to support us and we drew significant media attention as well, from the BBC and others,\u00e2\u20ac\u0165 she said. \u00e2\u20ac\u015bWe got our message out and we suitably embarrassed the bank.\u00e2\u20ac\u0165<\/p>\n<p>&nbsp;<\/p>\n<p>Demonstrators, wearing \u00c2\u00a0\u00e2\u20ac\u0098clawback\u00e2\u20ac\u2122 costumes, held placards and leafletted attendees of the AGM this morning, asking them to vote in favour of resolution put forward by the Midland Clawback Campaign shareholder group, which calls on HSBC to address clawback.<\/p>\n<p>&nbsp;<\/p>\n<div id=\"attachment_17809\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-17809\" loading=\"lazy\" class=\"size-large wp-image-17809\" src=\"http:\/\/unitelive.org\/wp-content\/uploads\/2019\/04\/clawback-2-1024x683.jpg\" alt=\"Sharon McGeough-Adams, organiser\" width=\"640\" height=\"427\" \/><p id=\"caption-attachment-17809\" class=\"wp-caption-text\">Sharon McGeough-Adams, organiser<\/p><\/div>\n<p>&nbsp;<\/p>\n<p>\u00e2\u20ac\u015bI leafletted some \u00e2\u20ac\u0098higher-ups\u00e2\u20ac\u2122 in the bank who told me personally that they would be supporting us in the resolution,\u00e2\u20ac\u0165 Maria told UniteLive. \u00e2\u20ac\u015bThey said \u00e2\u20ac\u0098we don\u00e2\u20ac\u2122t need the money\u00e2\u20ac\u2122. Even people high up in the bank see the unfairness of clawback.\u00e2\u20ac\u0165<\/p>\n<p>&nbsp;<\/p>\n<p>Many Midland Clawback campaigners are themselves HSBC shareholders, who participated in this afternoon\u00e2\u20ac\u2122s AGM.<\/p>\n<p>&nbsp;<\/p>\n<p>The campaigners put forward two questions at the meeting calling on HSBC to see sense and take action on clawback.<\/p>\n<p>&nbsp;<\/p>\n<p>\u00e2\u20ac\u015bOur questions prompted the loudest cheers of the day,\u00e2\u20ac\u0165 said Midland Clawback Campaign organiser and Unite member Sharon McGeough-Adams. \u00e2\u20ac\u015bAlthough we did not secure enough support for our resolution to pass \u00e2\u20ac\u201c which we expected, given the board had advised shareholders to vote against it \u00e2\u20ac\u201c the board was visibly uncomfortable. We got our message across, that\u00e2\u20ac\u2122s for sure.\u00e2\u20ac\u0165<\/p>\n<p>&nbsp;<\/p>\n<div id=\"attachment_17814\" style=\"width: 610px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-17814\" loading=\"lazy\" class=\"size-full wp-image-17814\" src=\"http:\/\/unitelive.org\/wp-content\/uploads\/2019\/04\/clawback-unitelive.jpg\" alt=\"Midland Clawback campaigners, Unite members, demand pension justice\" width=\"600\" height=\"400\" \/><p id=\"caption-attachment-17814\" class=\"wp-caption-text\">Midland Clawback campaigners, Unite members, demand pension justice<\/p><\/div>\n<p>&nbsp;<\/p>\n<p>Sharon said that today was only one stepping stone in their fight for justice.<\/p>\n<p>&nbsp;<\/p>\n<p>\u00e2\u20ac\u015bIt\u00e2\u20ac\u2122s onwards and upwards from here. The support we had at the demo was tremendous and heart-warming. Our message to HSBC is that we will be back next year and the year after and the year after that if we need to be. We will keep this issue alive in the public eye until they right this injustice. We are not going away.\u00e2\u20ac\u0165<\/p>\n<p>&nbsp;<\/p>\n<p>Unite national officer Dominic Hook (pictured below) hailed today\u00e2\u20ac\u2122s demonstration, calling it an \u00e2\u20ac\u015bimportant step forward in this campaign for pensions justice\u00e2\u20ac\u0165.<\/p>\n<p>&nbsp;<\/p>\n<div id=\"attachment_17811\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-17811\" loading=\"lazy\" class=\"wp-image-17811 size-large\" src=\"http:\/\/unitelive.org\/wp-content\/uploads\/2019\/04\/clawback-dominic-1024x683.jpg\" alt=\"HSBC AGM demonstration at the ICC Birmingham by Unite The Union\" width=\"640\" height=\"427\" \/><p id=\"caption-attachment-17811\" class=\"wp-caption-text\">Unite national officer Dominic Hook at demo<\/p><\/div>\n<p>&nbsp;<\/p>\n<p>\u00e2\u20ac\u015bThe demonstration was very well attended \u00e2\u20ac\u201c we had people come from as far away as Cornwall and other parts of the country. The campaign successfully highlighted the iniquities inherent in clawback,\u00e2\u20ac\u0165 he said.<\/p>\n<p>&nbsp;<\/p>\n<p>\u00e2\u20ac\u015bIt is disgraceful that this profitable and wealthy multi-national bank is withholding from pensioners a significant amount of their pension,\u00e2\u20ac\u0165 Hook added. \u00e2\u20ac\u015bThese pensioners worked hard to earn this income for their retirement.<\/p>\n<p>&nbsp;<\/p>\n<p>\u00e2\u20ac\u015bUnite is calling on HSBC to address the practice of clawback which not only disproportionately penalises the lowest paid but also mainly female employees.\u00e2\u20ac\u0165<\/p>\n<p>&nbsp;<\/p>\n<p>Unite assistant general secretary Gail Cartmail likewise praised the campaigners, and also highlighted the discriminatory nature of HSBC\u00e2\u20ac\u2122s clawback.<\/p>\n<p>&nbsp;<\/p>\n<p>\u00e2\u20ac\u015bThe HSBC pension justice campaign is fighting against an inherently sexist move against a largely female workforce,\u00e2\u20ac\u0165 she said. \u00e2\u20ac\u015bForemost amongst the institutions with the widest gender pay gap by a country mile are banks within which women are clustered in the lowest paid roles.\u00c2\u00a0 Add to this lip service when it comes to measures to end pregnancy discrimination and flexible work for carers, it is unsurprising that HSBC is dragging its feet to reverse the clawback.<\/p>\n<p>&nbsp;<\/p>\n<p>\u00e2\u20ac\u015bWhat I don\u00e2\u20ac\u2122t believe HSBC expected was the resilience and fortitude of those campaigning to right this wrong,\u00e2\u20ac\u0165 she added. \u00e2\u20ac\u015bMy advice is sort this out and tackle institutional sexism.\u00e2\u20ac\u0165<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><em><strong>Pics: Mark Harvey<\/strong><\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Former Midland Bank workers, activists and their supporters descended on HSBC\u00e2\u20ac\u2122s AGM today (April 12) in Birmingham to demand justice in their fight against a practice that will slash pension pots for some of the bank\u00e2\u20ac\u2122s lowest paid staff. &nbsp; Two years ago, staff who worked between 1975 and 1996 for Midland Bank, now part [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":17818,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[1151,292,322],"wps_subtitle":"Unite members protest pensions clawback at HSBC AGM","_links":{"self":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/17807"}],"collection":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17807"}],"version-history":[{"count":7,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/17807\/revisions"}],"predecessor-version":[{"id":25360,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/17807\/revisions\/25360"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/media\/17818"}],"wp:attachment":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}