UK lawmakers accuse Lloyds bosses of 'boundless greed' over pensions

[LONDON] Senior UK lawmakers have accused executives at Britain's biggest domestic lender Lloyds Banking Group of "boundless greed" for failing to give up generous pension perks that eclipse those on offer to its broader workforce.

On the eve of the bank's annual general meeting, the heads of parliament's work and pensions and business committees said attempts by Lloyds to win backing for the policy from employees who also hold the bank's stock "smacks of feverish desperation".

"Senior executives at Lloyds could bring this sorry episode to an end, today: just give it up," lawmaker Frank Field said in a statement on Wednesday.

Fellow lawmaker Rachel Reeves urged investors to vote against the bank's pay policy at the meeting on Thursday.

Lloyds Chief Executive Antonio Horta-Osorio had a pay package worth £6.3 million (S$9.6 million) in 2018.

Lloyds said in February that Horta-Osorio had voluntarily given up a portion of his pension contributions, bringing it down to 33 per cent of base salary from 46 per cent previously.

However, Mr Field and Ms Reeves have previously questioned why this contribution was still higher than other Lloyds employees' maximum contribution of 13 per cent.

In a letter of reply to the lawmakers, Stuart Sinclair, head of Lloyds' remuneration committee, said the pension allowance cut for this year was an "important step" and the remuneration policy would be reviewed ahead of next year's annual meeting.

REUTERS