HSBC has made good the changes to executive pensions it promised in its last remuneration report, earlier this year.
The bank will be cutting pension payments to its top executives from 1 January, bringing it in line with similar FTSE companies.
The current arrangement means the banks chief executive, chairman, and two executive directors can get 50 per cent of their basic salary in cash instead of a pension.
The deal meant that in 2014 chief executive Stuart Gulliver and chairman Douglas Flint received a combined total of just under £1.4m.
The Sunday Times reported the changes had been demanded by some of the bank’s largest shareholders.
In a statement the bank said:
HSBC committed to review the level of cash pension allowances for executive directors in our last remuneration report. There is broad shareholder support for this.