Directors of the UK's top 100 companies have amassed pensions worth nearly £1 billion, according to the annual TUC PensionsWatch survey published today (Wednesday).
The TUC's analysis of boardroom pensions shows the average executive can retire at 60 on a final salary pension worth nearly £3 million (£2.7 million). The largest directors' pension in each company is worth nearly £5 million (£4.9 million), over 40 times more than most staff pensions.
The biggest final salary pension pot in the survey tops £19 million and would pay the director nearly £1 million a year, and five directors have a pension worth over £12 million. One employer paid over £1 million into a director's money purchase (or defined contribution) pension last year, and the five biggest payouts to this type of pension top £300,000 annually.
See full Press Release.
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