Lloyds faces pension row

LLOYDS has been slammed for giving a stealth pay rise to its boss Antonio Horta-Osorio.

The bank cut his lucrative annual pension payments by £154,000 after a City outcry. But it hiked other elements of his pay by £175,000, meaning he is better off.

The Investment Association trade body has now urged shareholders to look closely at the decision and if they are unhappy, to register a protest vote at the bank’s annual meeting later this month in a letter seen by the Mail.

Mark Brown, of trade union Affinity, said: ‘Horta-Osorio is trousering pension allowances which bear no relation to those available to everyone else in the bank.’