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Unnecessary Brinkmanship
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Date: 5th Jan 2009
The Trustees of the HBOS pension scheme are considering asking the Court of Session to delay the HBOS acquisition until Lloyds TSB makes 'appropriate arrangements' to guarantee that the new, merged Lloyds Banking Group will stand by the HBOS pensions scheme. That is in no one's interests, least of all the staff and pensioners of HBOS.
Mark Brown, Assistant general Secretary, said “We understand the concerns of the HBOS Trustees and their desire to be seen to fulfil their fiduciary obligations but the alternatives for HBOS staff and pensioners to the LTSB merger were unthinkable at the time.”
Despite our disagreements on pension scheme issues, and there have been many over the years, the Bank has always remained committed to funding the two schemes and we have no reason to believe that the HBOS pension scheme will be treated any differently.
Mark Brown went onto say “We have urged LTU sponsored Member Nominated Trustees, who are currently in the middle of their three-yearly actuarial valuation, to concentrate on ensuring they are using the correct actuarial assumptions in order to show the true extent of the pension scheme deficits and not to get involved in any legal maneuverings involving the merger.”
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