UK investor group concerned over Lloyds Bank bonuses

* ABI issues amber top notice ahead of Lloyds AGM

* ABI says residual concern remains over bonuses

* Lloyds says working with shareholders on remuneration

* Lloyds says has already revised 2010 performance targets

LONDON, April 22 (Reuters) - The Association of British Insurers (ABI) on Thursday expressed concern over bonuses at Lloyds Banking Group (LLOY.L), raising shareholder pressure on bank executives ahead of investor meetings in the coming weeks.

The ABI, whose member companies hold almost 15 percent of all investments in the London stock market, said it had issued an "amber top notice", which means it believes shareholders should think carefully before voting in favour of the company.

"There is some residual concern amongst some shareholders in the way the remuneration committee made its decision on bonuses," Peter Montagnon, director of investment affairs at ABI, said in a statement.

"We note that there is a new remuneration committee chairman, and a commitment to maintain close dialogue, which is positive."

Corporate governance body Pirc this week urged investors in Barclays (BARC.L) to vote down the British bank's pay report at its annual general meeting on April 30, pointing to "potentially excessive" pay awards. [DI:nLDE63J1S8]

Lloyds -- 41 percent state owned after a government bailout -- responded to the ABI notice, saying it had already revised 2010 performance targets in response to shareholders, making goals more challenging and any share rewards more long-term.

"Our approach to remuneration has been developed with extensive input from both our shareholders and our regulators in 2009 and into 2010," Lloyds said in a statement.

"The Remuneration Committee has sought to strike a balance between the fact that the group is loss-making and the need to motivate key executives to run the business to maximise returns for shareholders, including the taxpayer."

Lloyds CEO Eric Daniels could receive up to 6.2 million pounds ($9.5 million) for 2010 in salary and bonuses although in 2009 he opted to waive his bonus and a long-term incentive plan did not pay out, meaning he took home 1.12 million pounds out of a possible 5.4 million. [ID:nLDE62P1NA]

Five company remuneration reports were voted down by investors in 2009. Shareholders voted against executives at Bellway (BWY.L), Provident Financial (PFG.L) and Punch Taverns (PUB.L) which had received red-top alerts from the ABI, indicating a matter of serious concern, and against Royal Dutch Shell (RDSa.L) and RBS (RBS.L), which were amber-topped.

Lloyds is due to hold its annual shareholder meeting in Scotland on May 6.

(Reporting by Paul Hoskins; Editing by David Cowell)