Pensioners are left without any money for five days after confectionery giant Nestlé fail to pay out - but firm blames HSBC for the no-show
Confectionery giant Nestlé has been accused of leaving pensioners without money for days - though they have placed the blame on HSBC bankers.
British investors in the firm's pension scheme were relying on their latest payments reaching accounts last Thursday - only to be hit by an apparent glitch.
Multinational Nestlé, which has its UK base in Crawley and is behind products such as Nescafé, KitKat, Smarties and Nespresso, runs a pensions investment fund.
OAPs who have subscribed to the service have been sharing online their frustration after being denied their scheduled payments on May 29.
Complaints have been raised on a messageboard set up by consumer guru Martin Lewis, who founded the website Money Saving Expert.
One disgruntled investor wrote: 'I'm a Nestlé pensioner and find that my pension for May 2025, due to be paid in on Thursday 29th May, was not paid in.
'When I've contacted them they say that the fault is with HSBC that didn't transfer the money.
'My question is - do I have any rights to compensation from HSBC? I've had to shuffle money around to cover direct debits coming out of the pension account.
'The money is not paid yet (31st May) and has been promised by 3rd June.'
He followed up by saying there was 'no financial loss so far' - but highlighted 'the hassle of moving money around'.
He added: 'HSBC is the bank that Nestlé use to pay pensioners from. Fingers crossed the payment will go in on Tuesday and all will be well.'
Nestlé has also faced questioning on X, formerly Twitter, from others missing out.
One asked the company: 'My pension has not been paid and both your phone lines are down - what's going on??'
The firm's social media account responded by saying: 'Hi, we apologise for the inconvenience, as the team is experiencing technical issues.
'We recommend trying again via phone later today or you can email.'
Another customer posted: 'Mine should have gone in 29th May will not be paid until 3rd June so it says on their website due to banking error.'
Investors in Nestlé Pensions have been commenting online over a delay in latest payments
An apology has been posted on the Nestlé Pensions website, titled: 'Notice to pensioner members – May's pension payment will be paid on 3rd June.'
It goes on to say: 'We are aware that there has been an issue with this month's pension payment and that pensions were not paid to our pensioners on 29th May.
'The issue was with our paying agent HSBC UK who did not process this month's payment in the usual way.
'Nestlé pensions and the UK payroll team have been working with HSBC and we can now confirm that pensions will be paid on Tuesday 3rd June.
'We know this has been a source of concern and frustration to all of our pensioners and we apologise for this extremely rare error.'
And in a further statement, a Nestlé spokesperson told MailOnline: 'This was a third-party issue outside of our control and we have worked quickly to make sure that payments are made early this week.
'We apologise to those affected by the delay and will conduct a full review to make sure it does not happen again.'
Nestlé is among the world's largest food and drinks firms, but announced last October a significant drop in sales over the previous year.
The maker of Nespresso and Nestle coffee, Purina and Felix pet food, Lean Cuisine and Stouffers ready meals, San Pellegrino water and DiGiorno pizza said sales were down by 2.4 per cent for the nine months to the end of September.
Nestlé CEO Laurent Freixe told the Wall Street Journal, 'The perception of consumers everywhere but especially in the US is that food prices are high'.
He added that the business would now cut prices and offer discounts to attract customers back.
Other Nestlé procucts include Nesquik drinks and Vittel bottled water, while the company with its global HQ in Swiss town Vevey is also a major investor in L'Oreal.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BBC News
14 minutes ago
- BBC News
Danny Cahalane: Nine in court after fatal acid attack in Plymouth
Nine people have appeared in Plymouth Crown Court in connection with the murder of a 38-year-old man from Cahalane was taken to hospital on 21 February following a serious assault involving acid on Lipson Road. He died in hospital three months later on 3 nine defendants have been charged with involvement in an organised crime group which was supplying drugs or storing drugs. It is also alleged the group was involved the enforcement of drug debts through of the defendants, five men, all in their 20s and from London, and a 34-year-old woman from Plymouth have been charged with murder. Three of the accused pleaded not guilty. The nine defendants include seven men in their 20s from London, and two women in their 30s from of the nine defendants pleaded not guilty to involvement in an organised crime group: Paris Wilson, 34, of The Quay, PlymouthJenna Said, 38, of Ernesettle Green, PlymouthIsrael Augustus, 25, of Pulford Road, LondonIsanah Sungum, 21 of Sterling Way, LondonJean Mukuna, 23, from Werrington Street, LondonArrone Mukuna, 24, of Werrington Street, LondonThe remaining three from London, Brian Kalemba, 22, of Eastbury Square, Abdul-Rasheed Adedoja, 22, of North Circular Road and Ramarnee Bakas-Sithole, 22, of Junction Road are yet to be asked to enter Augustus, Mr Adedoja, Mr Bakas-Sithole, Kalemba and Mr Sungum all from London, and Ms Wilson of Plymouth, have been charged with the six, Ms Wilson, Mr Sungum and Mr Augustus pleaded not guilty. The remaining three had yet to be asked to enter defendants have been remanded in custody, while one has been remanded on conditional bail.A trial is due to take place at Winchester Crown Court on 13 January.
Times
18 minutes ago
- Times
Foxtons to expand beyond London into high-value commuter markets
Foxtons is preparing to take its green Minis, sharply dressed sales reps and punchy house price valuations to more towns beyond the M25. London's biggest estate and lettings agent has told shareholders and City analysts that it wants to accelerate its expansion beyond the capital and into more 'high-value commuter markets'. Over the past year Foxtons has sought a foothold in Reading and Watford after snapping up local agents in those two markets, but its chief executive, Guy Gittins, expects more deal-making over the coming months. It is part of his plan to hit the ambitious new growth targets that he revealed on Wednesday. Over the next few years he expects Foxtons to increase its operating profit to £50 million, which is more than twice that delivered in 2024. Sam Cullen, a housing industry analyst at Peel Hunt, said making more acquisitions would be the 'key driver' of the growth that Foxtons is hoping for. The previous 'medium-term' target, set out two years ago, was to get adjusted operating profits up to at least £28 million. Foxtons said the updated target 'reflects the significant progress made to date [and] the scale of the opportunity ahead'. • Business live blog: Trump tells Powell he should have cut rates Since Gittins took over in September 2022 there has been a relentless focus on maximising Foxtons' vast pool of data and bringing back the sales culture he enjoyed in the early Noughties as a trainee at the company. At the head office in Chiswick there are now leader boards ranking workers' performances, upbeat music plays throughout, and there are flashing lights and whooping when someone presses the big red button in the middle of the office after closing a deal. Gittins has said it is all about 'celebrating success'. The changes have undoubtedly improved the company's financial performance: market share has increased, last year's profits were more than double what they were in 2022 and the share price is up almost 80 per cent. It has not been smooth sailing, however. Earlier this year a number of current and former staff told Bloomberg that 'a culture of sexual harassment, antisemitism, racism and bullying' exists within some Foxtons' branches. Gittins said in March that he was 'saddened' by the experiences reported by some of his colleagues. 'We don't tolerate that sort of behaviour,' he said. 'Ultimately, like many businesses in the modern world, Foxtons is on a journey. While very solid progress has been made, there's more to do.' More investments in people and culture, which 'are at the heart of estate agency', have been promised with the hope that will 'further strengthen Foxtons' competitive advantages and support continued growth'. 'We have more than doubled our profit since 2021 and our ambition is to double it again in this next phase of growth,' Gittins told a capital markets day at the London Stock Exchange on Wednesday. 'We have a clear and scalable strategy, an industry-leading operating platform and a commitment to delivering outstanding results for our customers through reliable, high-quality service. I'm excited about the opportunity ahead.' Foxtons shares fell by ⅓p, or 0.5 per cent, to close at 65p on Wednesday.
The Guardian
18 minutes ago
- The Guardian
Abba singer Björn Ulvaeus teases fans in London with AI-assisted musical
After bringing a blockbuster hologram version of Abba to a purpose-built venue in east London, Björn Ulvaeus's next technological exploration is a musical that he's written with the help of artificial intelligence. Ulvaeus told an audience at SXSW London that he was 'three-quarters' of the way through writing a new musical which he has created with assistance from AI songwriting tools. He did admit the technology had limitations when it comes to songwriting, saying it was 'lousy at [writing a whole song]' and 'very bad at lyrics' but was helpful whenever the 80-year-old songwriter reached a creative impasse. 'You can prompt a lyric you have written about something, and you're stuck maybe, and you want this song to be in a certain style,' Ulvaeus said. 'You can ask it, how would you extend? Where would you go from here? It usually comes out with garbage, but sometimes there is something in it that gives you another idea.' The use of AI is a hugely contentious issue in the music industry. This year, Dua Lipa and Paul McCartney were among hundreds of artists who signed an open letter urging the prime minister to protect artists' copyright and not 'give our work away' to big tech. Ulvaeus said AI isn't the creative threat but rather a collaborator. 'It's fantastic. It is such a great tool,' he added. 'It is like having another songwriter in the room with a huge reference frame. It is really an extension of your mind. You have access to things that you didn't think of before.' The musical is far from Ulvaeus's first flirtation with technology. Abba Voyage, the concert which launched three years ago in a purpose-built arena that featured digital avatars of the band, has been a huge success and was described as a 'dazzling retro-futurist extravaganza' by the Guardian. It was a risky venture as Pophouse Entertainment, the company behind the project needed to bring in £140m in order to break even. He told the audience at SXSW London that he embraced experimental approaches to songwriting and studio technology much earlier in his career. This experimental approach is characteristic of Ulvaeus's career-long fascination with technological innovation. During his time in Abba, he along with bandmate Benny Andersson 'always wanted the latest thing', and were among the first to use the Mini Moog synthesizer and use digital recording machines in their studio. 'We were always on the lookout for, you know, you would hear a sound on the record. How was that done? And then you get that stuff,' said. The Abba songwriter told the audience that he sees AI as the latest evolution in his career rather than a threat which is how it is perceived by many. 'I actually wake up curious every morning,' Ulvaeus said, explaining the drive that has kept him creating decades after Abba's peak. 'Everything's really after our wanting to try new things.'
