HSBC / Midland bank pensions action group.

STEVE_PEACOCK

Can anyone advise me if there is a HSBC / Midland bank pensions action group and supply contact details. Also if anyone else has made complaints of deception against HSBC. I have several pieces of correspondence stating that my pension would rise each and every year before and after retirement. In 2008 I was advised that discretionary increases had stopped but my pension would increase by statutory requirements. I was also supplied details of increases that would affect each part of my benefits. However on retiring in May 2019 I was advised my pension had been frozen since 2004 or for the last 15 years. I followed HSBC's complaint procedure to no avail and then further complained via the Pension Ombudsman who decided that although I had been wrongly advised, I had suffered no financial loss. I struggle to understand how my pension being frozen for 15 years can be classed as having suffered no loss. 
Any advice appreciated & has anyone else had similar dealings ??
Best regards, SLP

xylophone

although I had been wrongly advised, I had suffered no financial loss.

You were a deferred member of the HSBC defined benefit pension scheme?
Do you have a copy of the Scheme Rules/the scheme booklet? The scheme rules are the "laws" of the scheme by which the Trustees must abide. It would seem that the administrator has adhered to scheme rules?
https://futurefocus.staff.hsbc.co.uk/-/media/project/futurefocus/information-centre/deferred-db/guides/midland-member-guide.pdf Is this booklet relevant to you?
When were you a member of the Scheme?  In which years? Do you have a statement of deferred benefits on leaving?
What exactly does it say?
Have you reached State Pension Age? If not, when did you/will you reach it?

hyubh

Can anyone advise me if there is a HSBC / Midland bank pensions action group and supply contact details.

When this scheme was in the news last year, it concerned so-called 'clawback' provisions, about which one or more individuals have set up a Facebook page for at least (https://www.facebook.com/MidlandHSBCPensionClawbackCampaign/). However, clawback is something different to your complaint.

In 2008 I was advised that discretionary increases had stopped but my pension would increase by statutory requirements. I was also supplied details of increases that would affect each part of my benefits. However on retiring in May 2019 I was advised my pension had been frozen since 2004 or for the last 15 years.

What is the make up of your pension? (Pre-88 GMP; post-88 GMP; pre-97 excess; post-97 excess.) Only post-88 GMP and post-97 excess come with statutory increases.

I followed HSBC's complaint procedure to no avail and then further complained via the Pension Ombudsman who decided that although I had been wrongly advised, I had suffered no financial loss.

If you've already been the the Ombudsman, I wouldn't put your hopes up.

I struggle to understand how my pension being frozen for 15 years can be classed as having suffered no loss.

Clearly there is more than one sense of 'loss' here. The fact current pension payments have lost their value in real terms compared to before doesn't mean you have lost what you were owed, if no statutory increases were applicable and the scheme never guaranteed any indexation in the first place.

Dox

STEVE_PEACOCK said:

Can anyone advise me if there is a HSBC / Midland bank pensions action group and supply contact details. Also if anyone else has made complaints of deception against HSBC. I have several pieces of correspondence stating that my pension would rise each and every year before and after retirement. In 2008 I was advised that discretionary increases had stopped but my pension would increase by statutory requirements. I was also supplied details of increases that would affect each part of my benefits. However on retiring in May 2019 I was advised my pension had been frozen since 2004 or for the last 15 years. I followed HSBC's complaint procedure to no avail and then further complained via the Pension Ombudsman who decided that although I had been wrongly advised, I had suffered no financial loss. I struggle to understand how my pension being frozen for 15 years can be classed as having suffered no loss. 
Any advice appreciated & has anyone else had similar dealings ??
Best regards, SLP

You haven't suffered a loss if you are receiving the benefits promised under the scheme rules. What I don't understand is why no revaluation has been applied to your (deferred) pension since 2004. It is decades since defined benefit pensions have been 'frozen' in deferment (the period between leaving the scheme and starting to draw your benefits from that scheme).

Parking_Trouble

I have a couple of small DB pensions in deferment, including one with Midland Bank (now HSBC). I worked there 1974 - 1981
 I asked the administrators some questions as it felt like the goalposts had been moved.

1. I can confirm that as you have GMP only benefits which are payable from age 65, you are unable to retire earlier than the GMP entitlement age of 65.
2. I can confirm that GMP is increased using the Section 148 factors set by the government. Your GMP is payable from age 65 and will be calculated when you reach this age.
3. Your pension in payment will not receive increases from the scheme.
4. No reduction will be applied to your GMP benefit from the scheme when you start drawing your state pension.