HBOS pension trustees have handed the bulk of the management of its multi-billion pound pension scheme to Legal and General.
Since Lloyds TSB’s takeover of HBOS, there have been a number of structural changes to HBOS’ and Lloyds TSB’s pension and fund management arms, including the sale of Insight, the HBOS subsidiary which managed the majority share of the bank’s pension fund.
Although both Legal and General and Insight have been, and continue to be, on the HBOS pension fund’s panel of fund managers, a significant proportion of the work has been handed over to Legal and General.
A spokesperson from Lloyds TSB declined to comment on the division of work among the panel members, but said: “The HBOS pension fund has a number of investment managers in its panel. Each one focuses on a different asset class.
“As you would expect, from time to time the fund reviews the membership of this investment management panel to ensure it is getting the best service.”
Legal and General declined to comment.
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