Sponsored by
Pensions ‘bonanza’ for top directors
Top company directors are topping up their pensions with cash, leaving many having retirement payments up to 29 times more than the rest of the workforce, a new report said yesterday.
A study for the High Pay Commission found that executives in FTSE 100 firms received average annual pensions worth around £175,000.
The annual median pension from a private sector final salary pension averages £5,860 for the rest of the workforce, according to the research conducted by pay analysts Incomes Data Services.
Over 97 per cent of executive directors in FTSE 350 companies have company-sponsored pension arrangements, compared with a third of private sector employees, said the report.
Deborah Hargreaves, chairman of the High Pay Commission, said: “Companies are increasingly paying their executives generous cash supplements instead of pensions to get round restrictions on tax relief introduced in the last few years.
“Directors are receiving gold-plated pensions while retirement provision for the workforce has been slashed. It seems, as ever, it is one rule for the workers and another for the boardroom.”
Email to a friend
Print this page- Leeds lose Ward to Palace: Is there anyone they can afford now?
- Sheffield Wednesday leaving it late to hijack Leeds United over Ward
- As Snodgrass dithers over Leeds, Warnock throws a lifeline
- Ball is in Leeds United’s court over contract - Snodgrass
- Police turning blind eye to Asian voter fraud, says MP
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Yorkshire
Saturday 26 May 2012
Today
Sunny
Temperature: 9 C to 23 C
Wind Speed: 17 mph
Wind direction: East
Tomorrow
Sunny
Temperature: 9 C to 23 C
Wind Speed: 15 mph
Wind direction: East
Your view
Please sign in to be able to comment on this story.