In brief...: Top bosses hoard £3m in pensions

Sep 5 2008

Top bosses can retire on pensions of more than £200,000 a year - 25 times more than workers receive, new research revealed.

A study of 346 company directors showed they had amassed pension pots averaging £3million each, with some having more than £5m, paying out an annual sum of £333,000, according to the TUC.

The TUC said its annual Pensions Watch survey disclosed that bosses had "bucked the trend" towards less generous pensions for ordinary workers.

Top directors with the highest pension payments received an average employer contribution of £149,600, said the report.

Most directors were still able to retire at 60, in contrast to workers across the public and private sectors who have seen their retirement age increase to 65, said the TUC.

The union organisation said it had also uncovered a lack of transparency in the reporting of directors' pension arrangements.

Tuc general secretary Brendan Barber said: "As ordinary workers have their pensions schemes closed and are expected to work for longer, the UK's top bosses are avoiding this collective belt-tightening and retaining their gold-plated pensions."