BANKING giant Lloyds has been accused of exposing staff to poverty after confirmation that it will freeze pensionable pay from next month.
Unite said it was a "disgraceful display of double standards" because of a huge increase in the pension of chief executive Antonio Horta-Osorio.
The union said 32,000 employees at Lloyds, would be affected by the move.
Unite said the pensions of those workers in a final salary pension scheme will be based on how much they are earning on April 2, regardless of how long they continue working or any pay rises they get at a later date.
National officer Rob MacGregor said: "This is a disgraceful display of double standards. The taxpayer-supported bank has doubled its profits, but it is attacking thousands of workers' pensions while splashing out on huge bonuses for its senior bankers.
"Somehow the money runs out when it comes to the pensions of staff earning just £15,000 per year. The bank seems happy enough to expose low-paid workers to the real threat of pension poverty in the future."
A Lloyds Banking Group spokesman said that, in line with other UK companies, it had been reviewing its pension arrangements "in order to ensure that it continues to offer a competitive and sustainable pension to all its employees".
He added: "The Group believes that the defined benefit schemes remain an important part of the employees' benefit package but wants to ensure that its pension benefits are more balanced across the Group, particularly as two-thirds of the Group's employees are not members of the defined benefit schemes.
"On that basis and following its review, the Group has decided to make changes to its defined benefit pension schemes as initially proposed."
The bank said a consultation had been carried out with unions before the announcement.
The spokesman added: "Following these consultations we have agreed it would be appropriate to provide a one-off lump sum payment to employees who are currently members of defined benefit schemes.
"The Group has decided that it will keep its benefit pension schemes open to future accrual but has introduced a change to the pensionable pay cap."
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