Pension trustees threaten HBOS takeover plan

HBOS pension fund trustees are threatening legal moves to delay the bank’s takeover by Lloyds TSB until better protection is given for the scheme, it was revealed today.

A source confirmed that guardians of the 80,000-member pension fund are to meet on Friday to vote on whether to lodge a challenge to the takeover, which is being structured by way of a Scheme of Arrangement and has to be approved in the High Court.