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£5m pension for Bank boss Mervyn King - who attacked City greed
05-19-2009, 12:48 PM,
#1
£5m pension for Bank boss Mervyn King - who attacked City greed
Quote:Mervyn King has built up a pension worth around £5.4million - bigger than the pots of many bankers he has criticised for their 'astronomic' pay.

The 61-year-old Bank of England Governor will be entitled to a package worth £198,200 a year when he retires.

He currently earns an annual salary of £296,818 - a rise of 2.5 per cent on last year.

The figures, revealed in the Bank's Annual Report, will be controversial given that Mr King has been scathing about the scale of pay elsewhere in the City.

Giving evidence to the Treasury Select Committee earlier this year, Mr King attacked the banks for paying 'vast amounts of money beyond the dreams of ordinary people'.

He said that large bonuses had led to a culture of recklessness in the City, which had spawned the financial crisis.

The Bank yesterday reported that Mr King's pension pot - believed to be one of the biggest in the public sector - grew by £521,000 during the financial year that ended in February. It means that when Mr King - who started work at the Bank in 1991 as its chief economist - retires his income will vastly outweigh that of many pensioners.

Official statistics show that the average retired Briton earned £13,884 in 2006-07. His pot is also bigger than the retirement schemes of some of the City's top bankers.

For example, Eric Daniels, the chief executive of Lloyds Banking Group, has a pension worth £3.26million. His pay, however, is far more generous than Mr King's, at £1.15million.

Mr King - who is in the midst of his second five-year term as Governor - will be able to draw his pension as soon as he retires from the Bank.

The Bank's Annual Report admitted that its executive pensions were 'generous'.

And it revealed its overall staff scheme has racked up a deficit of £235million.

However, last year the Old Lady made a huge profit on its operations supporting the stricken banking system.

Pre-tax profits rose from £197million in 2007-08 to £995million - the highest since the Bank began publishing the figures in 1971.

http://www.dailymail.co.uk/news/article-11...City-greed.html
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