Lloyds plans to cut CEO’s pension contributions by £200,000
The bank moves to raise staff pension contributions, a move that will reduce the annual allowance paid to CEO Antonio Horta-Osorio
27 November 2019 - 19:27
London — Lloyds Banking Group is trimming the pension payout of CEO Antonio Horta-Osorio in line with rivals, according to a person familiar with the matter.
Britain’s largest mortgage lender is expected to cut its boss’s pension contributions by about half as it looks to raise the pay of its employees, the person said, declining to be identified because the information is not yet public. Horta-Osorio receives a pension allowance equivalent to 33% of his salary, compared to an average of 13% for the rest of the bank’s staff...
BL Premium
This article is reserved for our subscribers.
A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.
Already subscribed? Simply sign in below.
Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now