Lloyds CEO's Pension Perks on the Line
Lloyds Banking Group is following in the footsteps of its peers 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.
The banking group is in discussions with 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, «Reuters» reported.
The changes would result in Horta-Osorio and the overall workforce being offered the same pension benefit level of up to 15 percent of salary from July 2020, a source familiar with the matter was quoted. It would cost around £20 million.
Aligning Pension Contributions
Major lenders HSBC, RBS and Standard Chartered have all cut pension contributions for their top bosses this year.
Lloyds Bank Commercial Banking in Asia is part of the Lloyds Banking Group. Its commercial banking business in Singapore that supports U.K. customers who have operations in Asia and major Asian customers seeking to invest in the U.K.
