Pension integration (or 'clawback')

Provision was therefore made for occupational pension schemes to take account of the new State Pension.

Metadata
Provider: 
UK Parliament researchUK Parliament research
URL: 
https://researchbriefings.parliament.uk/ResearchBriefing/Summary/SN01121https://researchbriefings.parliament.uk/ResearchBriefing/Summary/SN01121
Retrieved on: 
Friday, February 21, 2020
Information
Tags: 
Economy, Finance, Money, Pension, Defined benefit pension plan, Clawback, Pensions in the United Kingdom, Pensions in Norway
Summary
Key Points: 
  • Provision was therefore made for occupational pension schemes to take account of the new State Pension.
  • Private sector occupational schemes also included such arrangements in their rules, which are sometimes described by the term pension integration, clawback or bridging pension.
  • These schemes were designed to avoid additional contributions from sponsors and members by taking account of some or all of the State Pension when calculating the amount of occupational pension payable.
  • An All Party Parliamentary Group on Pension Clawback has been set up to campaign for HSBC to remove clawback from its post-1974 Defined Benefit Pension Scheme.
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