Top bosses in UK take massive pension pots even as workers lose out
07 Sep 2011
According to a survey conducted in UK, management top brass were pocketing massive pension pots from schemes they withdrew from staff because they were too expensive.
The retirement income of the average director is 23 times more at £224,212 today than most workers' £9,568, according to the Trade Union Congress (TUC).
The TUC found that despite most firms apparently closing final salary schemes, 58 per cent continued them for some executives.
A final salary scheme is one in which members are paid a proportion of their salary on their retirement.
The study of 362 bosses also revealed that they were able to build up their pots faster than other staff, the average being £3.9million.
Companies increased their average contribution to directors' pensions by £26,000, this time last year, which has brought the total to £161,149.
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