HSBC Bank (UK) Pension Scheme (CAS-29124-X2X6 & CAS-29296-P7B7)
Complainant: Mr D and Mr R
Complaint Topic: Benefits: refusal/failure to pay or late payment
Ref: CAS-29124-X2X6 & CAS-29296-P7B7
Outcome: Not upheld
Appeal outcome: None
Respondent: HSBC UK Bank plc
HSBC Bank Pension Trust (UK) Limited
HSBC Bank Pension Trust (UK) Limited
Type: Pension complaint or dispute
Date:
Appeal: No
Ombudsman’s Determination
Outcome
The Applicants’ complaint is not upheld.
Complaint summary
The Applicants’ complaint concerns pension and severance options they have been offered by the Bank upon redundancy.
The Applicants are of the opinion that, as members of the Scheme, they are entitled under:
(i) Appendix 2, Part 2 of Section 10 (former James Capel Staff Scheme members) of the Scheme (the Appendix), to a Tier 2 ‘enhanced’1 early retirement pension, with no reduction to their severance payment; alternatively
(ii) the Bank’s ‘Security of Employment Policy’ (the SEP)2, to a full ‘unreduced’ early retirement pension, and a reduced severance payment.
View determination
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