Directors cashing in on £3m pension windfall

An average executive director retiring at the age of 60 is likely to have
final salary pension worth nearly £3m, a survey by TUC PensionsWatch has

Overall, directors of the UK’s top 100 companies accorded themselves pensions
worth nearly £1bn in spite of the growing pensions crisis in the country.

The biggest final salary pension was at a staggering £19m, which would see
the director in question receive nearly £1m each year.

Brendan Barber, TUC general secretary, said: ‘Britain’s boardrooms and
business lobby groups have failed to tackle upstairs-downstairs style company
pensions. If bosses were in the same scheme on the same terms as staff, they
would still build up massive pensions compared to employees, but they would be
fairer. It would also help reduce their company pension deficits.’

Related reading