UK - HBOS has said it will pay £800m into its defined benefit pension schemes before the end of 2006.
The payment is a preliminary step in a 10-year plan announced last year to eliminate the IFRS deficit in the company’s DB schemes, which stood at £1.8bn as of 2004.
The company has pledged to pay an additional £1bn over the next five years. Halifax and Bank of Scotland merged to become HBOS in 2001.
By Lisa Haines
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.