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".
More top news
Scientists have discovered the world's deepest fish with wing-like fins and an eel-like tail during research in the depths of the Pacific.
The tranquil district of Hart has been crowned as the place with the best quality of life in the UK for the fourth year in a row.
Britain's immigration system is in 'critical condition' according to the chair of the Home Affairs Select Committee.