MPs haul in Lloyds chief over his £419k pension payments
LLOYDS Banking Group’s boss will be hauled before MPs to answer questions about his vast pension payments.
Antonio Horta-Osorio has been summoned for a public grilling by the Pensions Select Committee over the contributions which Lloyds makes towards his pension pot.
This year, Horta-Osorio will get £419,000 towards his pension, equal to 33pc of his £1.3m base salary. This is far more lucrative than what Lloyds pays to ordinary staff, who typically get a maximum of just 13pc.
Independent MP Frank Field, chairman of the committee, said: ‘We will be asking why the pension scheme for everyone else at Lloyds isn’t good enough for him, and how he therefore answers the charge that this is another example of sheer greed. A number of staff at the bank have written to us to say there is deep unease.’
Horta-Osorio was given even higher pension contributions of £573,000 or 46pc of his base salary in 2018. But this has been reduced by £154,000 in the face of growing anger over bosses’ unfair pension deals.
However, at the same time Lloyds hiked other elements of the 55-year-old’s pay by £175,000 – meaning he is better off than before. It claimed the bulk of this increase was due to banking rules which make his job more complex.
A Lloyds spokesman said it had received a letter requesting Horta-Osorio appear ‘and will respond in due course’.