Some of Britain’s biggest firms have caved in to pressure from investors to curb big pension payments to top executives and close the gap with the rest of the workforce, research has found.

Four out of 10 FTSE 100 companies have cut pension contributions to new or existing directors this year, according to a report by global advisory firm Willis Towers Watson.

Big annual pension contributions to executives have drawn the ire of shareholders this year, aside from multimillion-pound bonuses. For example, Stephen Hester, the chief executive of RSA, the insurer behind the More Than brand, received £302,000 to help him “save for retirement”. This amounted to 30% of his basic salary.

The Willis Towers Watson research, which tracks changes to executive remuneration during the annual general meeting season, showed the median pension contribution for chief executives fell to 20% of salary this year, from 25% last year.

Three in 10 companies have reduced pension payments for new executive recruits, more than halving contributions to 12% of salary, from 25%. A dozen companies, including HSBC and Lloyds Banking Group, reduced pension payouts for executives, up from four in 2018.

Shareholder pressure forced HSBC to reduce pension contributions for its executives from 30% to 10% of salary in February, shaving nearly £250,000 off John Flint’s pay package, before the former chief executive was pushed out in August. Other staff receive between 9% and 16%, according to the bank.

The Lloyds boss, António Horta-Osório, had his pension payment reduced to £419,000, or 33% of salary, this year, from £573,000, or 46% of salary. This compares with about 8% to 13% for the rest of the workforce.

For employees at FTSE 100 firms, employer core contributions rose to 6.5% this year from 5.5% in 2018, according to separate Willis Towers Watson figures. They refer to defined contribution schemes, where employer and employee contributions are invested and the proceeds are used to buy a pension at retirement.

In the wider economy, workers in final salary schemes, which have largely been phased out and where pensions are linked to the last salary earned, can receive contributions as high as 25% to 30%.

But many workers are getting far less, with the standard employer contribution under auto enrolment increasing to 3% in April.

Jessica Norton of Willis Towers Watson said: “Increasing scrutiny by the governance community on pensions marks the latest stage in the ongoing debate surrounding the appropriateness of executive pay that has been simmering since the financial crisis.

“In response to pressure from shareholders and regulators that has been building for some time, a significant number of companies have cut payments to executive pension pots as part of a wider strategy that is aimed at moving towards better alignment with the workforce.”

In other findings, FTSE 100 chief executives received a median salary increase of 2% to £876,000 this year, with one in four getting no pay rise. They also typically enjoy a car allowance worth £20,000. The median annual bonus payout fell to 70% from 76% of the maximum possible payout, the research found.

Company bosses received a median total pay package of £3.59m this year – down to the levels of 2015 and 2016.