HSBC cut pensions despite huge profit
HSBC bank bosses yesterday posted profits today of £13.7 billion – at the same time as launching an attack on their workers’ pension scheme.
The bank’s chiefs plan to close down HSBC’s final-salary pension scheme in an effort to boost their huge profits even further.
They announced the decision to close the pension scheme to “future accrual” – the build-up in value of pensions – effectively freezing the scheme. It condemns future retirees to struggle financially and potential poverty after a lifetime’s work.
HSBC bosses said that shutting the scheme, combined with cutting holidays and sick pay, would save the bank £46 million a year.
Ex HSBC employees may well decide, that if HSBC aren’t committed to the pension, they may well be better off transferring existing benefits.
Companies are increasingly scrapping private-salary schemes to save money. The reality is whether employees like it or not, they we are all have to plan and take responsibility for our own pensions.
Individuals can’t rely on company schemes or the government in today’s world.
Nigel Green deVere Group