MPs demand Lloyds justifies ‘cash paid to CEO in lieu of pension’

Bank told payments to António Horta-Osório contravene trade body guidelines and City code

MPs have stepped up the pressure on Lloyds Banking Group over excessive pensions for senior staff, demanding the lender justify hefty payments to its chief executive.

António Horta-Osório receives 33% of his salary, or £419,000, as a cash payment in lieu of pension. Investors are increasingly critical of the payments, which they view as backdoor remuneration. Apart from two other board members, the rest of Lloyds staff are offered just 13% of salary.

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