UK - The trustees of the HBOS Final Salary Pension Scheme have decided not to proceed with legal action to delay the takeover of its sponsoring employer by Lloyds TSB.
While they said they had not received satisfactory proposals of support for the FSPS from Lloyds TSB in a meeting held this week, they decided that "it would be in the best interests of all concerned not to proceed with legal action".
The trustees said this decision was taken in view of the representations made by Lloyds TSB about the potential repercussions of any delay, particularly on the planned capital raising exercise which is due to commence on 15 January 2009.
They added Lloyds TSB made helpful statements to the trustees in the course of the discussions, which represented a further phase of an ongoing discussion between the two parties.
However, the trustees said they remained committed to pursuing the previously announced actuarial valuation as at 31 December 2008 and continuing with a review of the FSPS's investment strategy.
The trustees have been advised that the valuation could give rise to a deficit of between £3bn (US$4.6bn) and £5bn (US$7.6bn).
In a statement, the trustees said: "We believe that the actuarial valuation process currently underway will, in due course, deliver the necessary security for the Scheme and its beneficiaries, and look forward to further discussions with Lloyds TSB."
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