HBOS trustees put up bank merger hurdle
TRUSTEES of the HBOS pension fund have thrown up fresh opposition to the Lloyds TSB/HBOS merger.
They have voted to ask in court for the deal to be delayed until better protection is offered.
Guardians will make a submission requesting the deal is not approved unless they are given greater security over payments.
They want an up-to-date valuation of the scheme, believing the UK's financial crisis will have widened the 95 million deficit calculated on December 31, 2006, to an estimated 3 billion to 5 billion shortfall.
In a letter to the HBOS pension fund, they said: "Your trustees have decided to take this step reluctantly. We understand the commercial basis underpinning the acquisition and do not oppose it as such.
"However, we also believe that it is fundamental that appropriate arrangements are made to protect the accrued benefits of final salary pension scheme members."
Email to a friend
Print this page- Rangers run into the ground as furious HMRC battles to claw back tax
- Broken Rangers: Club signals intention to go into administration
- Scottish independence: David Cameron offers a deal to reject independence
- Rangers: ‘Crisis will soon be over and Rangers FC will survive’
- Scottish independence: David Cameron set to snub Alex Salmond’s separation talks bid
- Scottish independence: David Cameron offers a deal to reject independence
- Devo-max merely a dodgy back-up plan to save SNP, says Jim Sillars
- Scottish independence: No breakthrough in talks between Alex Salmond and Michael Moore
- The Rumour Mill: Thursday’s football news and gossip
- Scottish independence: David Cameron set to snub Alex Salmond’s separation talks bid
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Edinburgh
Saturday 18 February 2012
Today
Cloudy
Temperature: -2 C to 7 C
Wind Speed: 26 mph
Wind direction: West
Tomorrow
Sunny spells
Temperature: 2 C to 5 C
Wind Speed: 14 mph
Wind direction: West
