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Lloyds set to join rivals in cutting CEO pension perks
[LONDON] Lloyds Banking Group is set to join rivals in cutting its chief executive's pension allowance, after months of political and investor pressure on banks that award top bosses better perks than the rest of their employees.
Lloyds is consulting shareholders over plans to reduce Antonio Horta-Osorio's annual pension allowance by around £220,000 (S$386,982) and at the same time hike retirement benefits for the company's 65,000 staff.
The changes would result in Mr Horta-Osorio and the overall workforce being offered the same pension benefit level of up to 15 per cent of salary from July 2020, costing around £20 million, a source familiar with the matter said.
HSBC, RBS and Standard Chartered have cut pension contributions for their top bosses this year.