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Article: LETTER: High society pensions.(Letter to the editor)
- Article from:
- Money Marketing
- Article date:
- June 25, 2009
CopyrightCOPYRIGHT 2009 Centaur Communications Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Having just received a voting package from Nationwide, and considering the current talk about MPs' final-salary pensions, I thought I should ask Nationwide what type of pension scheme they have, particularly for the chief executive Graham Beale.
Now, I thought that MPs had the most favourable defined-benefit pensions scheme in Britain but I was amazed to be told that for Mr Beale and two other of the Nationwide's top executives, their scheme is on 30th accruals. Thirtieths!
Mr Beale apparently enjoys annual remuneration of some #650,000 and the transfer value of his pension increased to #4,053,000 from #2,879,000 as at year-end April 2009.
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