Socialist Worker

Who really gets gold-plated pension pots?

Issue No. 2269

Top bosses are grabbing millions in pensions while workers face savage cuts that will leave them in poverty.

That’s the finding from this year’s TUC Pensions Watch survey.

It says that directors of Britain’s top companies have pension pots worth an average of more than £3.9 million.

That gives them an annual pension of £224,121—or £4,311.94 a week.

The average director’s pension is 34 times bigger than the average public sector pension, which is just £6,497 a year—or £124.94 a week.

The biggest boss’s pension was worth £21.5 million.

The survey found that most firms still give defined benefit pension schemes to at least some of their directors.

Meanwhile workers’ schemes are under attack.

The proportion of pay that bosses receive as pension every year is much higher than the proportion that workers get.

And the average amount that firms pay into directors’ pensions has soared by £26,000 over the past year.

Directors obviously need more time to spend all their dosh, so most retire at 60 or even before.

Workers, have to struggle on to 65 or older—and the Tories want this to rise.

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