HBOS trustees seek assurance

Published on Tuesday 6 January 2009 08:58

HBOS pension fund trustees say they have no choice but to push to delay the Lloyds TSB takeover of the Edinburgh-based bank – claiming 79,000 people are at risk of losing their full pensions if it goes through.

Roger Boyes, an independent trustee, said trustees are "in the dark" about the future of HBOS assets and are desperate for a guarantee that they will not be lost.

"We're being denied information and that leaves the trustees with nowhere else to go," he said.

Trustees believe there will be a shortfall in their pension fund of between 3-5 billion if the takeover is approved.

HBOS has one of the country's biggest final-salary schemes, with 15,000 people in receipt of pensions and a further 64,000 employees committed to the fund.