High street bank HSBC has reached settlement with the banking union on
settling part-timers’ pension claims in full.
HSBC has agreed to pay part-time employees and ex-employees their
entitlement dating back to April 1976, rather than face another six years of
HSBC estimates 2,000 individuals will benefit.
"We have not yet concluded the analysis of claims and so generally
cannot state the costs. However the cost is not the point – the Bank and Unifi
are doing the right thing for their employees," said Tom Flanagan, partner
at Stephenson Harwood and adviser to HSBC.
The settlement follows the presentation of tens of thousands of claims in
the employment tribunals by part-time employees after a European ruling gave
them access to occupational pension schemes. UK law stated that access was
limited to two years prior to the date of the claim, but in February last year
the House of Lords followed an ECJ ruling that the two-year rule breached
– Consultation on changes to the Part-Time Workers Regulations closes on 15
These would remove the two-year limitation period for backdating part-time
pension claims, and would allow a part-time worker to claim less favourable
treatment in comparison with any other full-time worker, irrespective of their