Homes and Property | Home PageLloyds TSB chief takes a 16% pay cutGeoff Foster|Daily Mail13 April 2012LLOYDS TSB chief executive Eric Daniels had a pay cut last year. The boss of Britain's fifth biggest bank took home 'only' £1.06m during 2003, some 16% less than he trousered during 2003.The group's annual report shows he earnt a basic salary of £596,000 and a performance-related bonus during the year of £258,000.He received other benefits worth £210,000 and had £347,000 paid into his pension, to give him a pot worth £711,000.Lloyds TSB put the pay reduction down to a slightly lower bonus and lower benefits in 2003 than during his first year within the group. Deputy chief executive Michael Fairey received the biggest pay packet of £1.14m.A salary of £498,000 and bonus of £208,000 was boosted by other benefits worth £434,000, including contributions to a separate pension fund, on top of the £977,000 paid into the group scheme.Lloyds TSB recently reported pre-tax profits of £4.35bn, up 66% on last year, following numerous disposals. Shareholders were pleased the dividend was maintained but disappointed management decided to hang on to cash received from recent sales.Daniel's pay compares unfavourably with the £3.9m paid recently to Barclays' chief executive Matthew Barrett.MORE ABOUTAnnual ReportBankingBarclaysLloyds TSB