If they tell you this there is a 99% chance is it BS. As someone elsewhere in the thread points out, it's just a manager not wanting to have an unpleasant conversation and saying 'hey, it's out of my hands' with the assumption that the junior employe won't know any better.
If you are truly in a company that far gone with process then all is lost (and top talent will just leave anyways.) Or you are a lawyer :)
I'm not a junior and I don't know anyone who got a raise higher than 5% or so without a resignation letter in their hand.
In my experience this can only happen at small companies. The bigger the company the more they'll wish you good luck in future endeavors if you insist.
If you are truly in a company that far gone with process then all is lost (and top talent will just leave anyways.) Or you are a lawyer :)