LONDON, Nov 27 (Reuters) - 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 pounds ($282,000) and at the same time hike retirement
benefits for the company's 65,000 staff.
The changes would result in Horta-Osorio and the overall
workforce being offered the same pension benefit level of up to
15% of salary from July 2020, costing around 20 million pounds,
a source familiar with the matter said.
HSBC, RBS and Standard Chartered have cut pension
contributions for their top bosses this year.
Lloyds' pension plans were first reported by the Financial
Times.
($1 = 0.7794 pounds)
(Reporting by Iain Withers, editing by Sinead Cruise and Dale
Hudson)