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".


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.