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.
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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