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LONDON, Dec 10 (Reuters) - Santander's UK chief executive
Nathan Bostock will have his pension allowance cut from next
year, as the bank becomes the latest to bow to investor pressure
to rein in executive pension perks.
Bostock's pension allowance - which was worth 588,000 pounds
($754,404.00) last year - will be reduced from 35% of his base
pay to 22% in 2020 and to 9% in 2021, a source familiar with the
matter said. That will equate to a cut of more than 400,000
pounds over the two years.
He received a total pay package worth 6.4 million pounds in
2018, including a final 1.8 million pound payment for share
awards he gave up when he left Royal Bank of Scotland in
2013.
Santander's move comes as rivals including HSBC and
RBS have already cut executive pension perks this year to meet
corporate governance guidelines, while others including Barclays
and Lloyds have plans to do so.
Details of Santander UK's planned cuts were first reported
by The Financial Times.
($1 = 0.7794 pounds)
(Reporting by Iain Withers; editing by Mike Harrison)
