More than 100 directors of FTSE 100 companies are set to receive a pension worth at least £200,000 a year - and 26 can look forward to a pension of at least £500,000 a year, according to an annual survey of executives’ pension arrangements.
The survey by Labour Research magazine found that almost 80 companies in the FTSE 100 still have final salary schemes for some or all of their directors, despite many closing such schemes for their employees.
The disgraced Lord Browne, former chief executive of oil multinational BP, tops the pension league.
Browne, who resigned in May after lying in court about his private life, can look forward to a very comfortable retirement, picking up a pension of more than £1m a year.
Two other directors – Lawrence Fish of the Royal Bank of Scotland and Howard Frank, vice-chair of cruise ship group Carnival – are rapidly approaching the £1m-a-year pension mark.
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The survey results are based on figures from company remuneration reports.
Neal Moister, the researcher who carried out the survey, said: “Despite the high profile given to the huge disparity in pensions recently, this survey shows that little has changed. If anything, many of the directors we have looked at have seen their pensions go up considerably in the past year.”
