Former CIPD chief Geoff Armstrong was paid a total of £428,000 in his final year in charge – £85,000 more than the previous year.
The bumper package, revealed in the institute’s 2007-08 annual report, was made up of £303,000 salary, including a performance bonus of £23,000, and £27,000 worth of benefits.
Armstrong’s pension payments almost hit six figures, with a £98,000 contribution made by the institute. This is on top of the £171,000 he received towards his pension fund two years’ ago.
Armstrong retired in June after 16 years in charge to be replaced by Jackie Orme in the role of chief executive.
The report revealed the CIPD boosted its income by more than 10% in 2007-08 to reach £39.4m. Members’ subscriptions made up about 40% of the total, with turnover from the institute’s commercial activities, operated through its wholly owned subsidiary CIPD Enterprises, exceeding £20m for the first time.
Total expenditure for the year ending 30 June 2008 was £38.5m, with commercial activities accounting for £17.4m and the remainder spent on member services, research and branch activities.
Membership numbers grew slightly over the year to reach 133,000, with 51,500 of these achieving chartered status. The CIPD has set a target of 150,000 members by 2010, with a substantial increase in those with chartered status.
However, the institute’s pension scheme slipped further into the red as its deficit grew from £2.1m to £7.1m. The CIPD said this was down to inflationary assumptions, higher life expectancy, and the performance of the scheme’s investments over the year.
Expenditure on agency staff and consultants leapt from £713,000 in 2006-07 to £860,000 last year.