To ask the Secretary of State for Work and Pensions, what the Government's policy is on compensating people affected by the clawback feature of the Midland Bank pension scheme.
29 November 2017
Such arrangements are not a DWP matter. It is a decision for employers and trustees to operate “clawback” or “integrated” pension scheme arrangements.
There are no plans to legislate to compel schemes to withdraw an integration arrangement. Any retrospective change would impose significant additional unplanned costs. Pension scheme rules on the calculation of benefits are many and varied, and must remain a matter for employers and scheme trustees to decide.