Our pensions are often described as gold plated by hostile newspapers so what do you call private sector pensions that pay out on average £224,000 a year?
The directors of the largest 100 British companies are in line for average annual pension payments of £224,000 each, according to a survey today.
The report shows 362 top directors have built up final salary pensions worth £568m and the average pension pot transfer value is at a record high – £3.91m compared with £3.8m last year.
Given the proposals for us you might like to know, according to the Guardian, that:
Directors also retire earlier than their staff. The most common age is 60, while for ordinary scheme members it is 65 and expected to rise.
We are told that one of the reasons why our pensions have to be reduced is because private sector pensions have been (and continue to be) reduced; we have to level down to these private sector pensions. As the Guardian article shows that there are some in the private sector who are doing very well indeed; maybe we should start a demand to level up to them.