Sir James Crosby to forego 30% of pension entitlement

Former HBOS chief Sir James Crosby has announced today that he will forego 30% of his gross pension entitlement in addition to giving up his Knighthood.

Read: Former HBOS boss James Crosby gives up Knighthood

The pension has been built up over 30 years, including 12 years spent at Halifax and HBOS, and currently amounts to around £580,000 per annum.

His decision will still leave him with an annual payout worth £406,000.

He said in a statement released today that he "will be discussing how this reduction is implemented, and whether the amount waived should go to support good causes, or benefit shareholders".

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Ex HBOS boss to return honour

Former HBOS chief executive Sir James Crosby, who was criticised in a recent parliamentary report into failures at the bank, has announced that he will give up his Knighthood and forego 30 percent of his gross pension entitlement.