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Lloyds plan to cut chief executive's pay by £220,000

Banking group could spend £20m to raise retirement benefits for rest of staff

Lloyds Banking Group is proposing to slash its chief executive’s pay by £220,000 and spend £20m to raise retirement benefits for the rest of staff – only months after defending the boss’s bumper renumeration package.

The bank is consulting shareholders over plans to cut António Horta-Osório’s pension package, which earlier this year was worth nearly half of his £1.3m base salary before being trimmed to 33%. That compared with 13% offered to the rest of staff.

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