Friday 10 September 2010

Survey of directors shows "us and them" in pensions

A useful report from the TUC on a PensionWatch survey showing the yawning gap between pensions for top company directors and those of ordinary employees.

They survey covered 329 directors from 102 top UK companies. Despite all the attacks company bosses have made on workers' pensions, most directors are still in Defined Benefit (DB) pension schemes, and most have a retirement age of 60. The average transfer value was £3.8m, providing an average annual pension of £227,726. The most common accrual rate was 1/30th, rather than the 1/60th or 1/80th enjoyed by most workers who still have DB schemes.

And those who don't have DB schemes aren't in the same boat as the rest of us either. The average annual company contribution to a Defined Contribution (DC) pension was £134,760!

However, I doubt very much they'll be rallying behind the members of UNITE, NUJ and BECTU who are currently fighting against outrageous attacks on their pension scheme at the BBC.

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