New Friends chief gets £4.6m greeting

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That includes a £370,000 one-off payout to reimburse him for moving from Edinburgh to London. That covered not only removal firm costs but also his stamp-duty bill.

Friends Provident even went so far as to ensure Matthews' move was as smooth as possible by effectively buying his Edinburgh house from him. In its annual report, the firm said: "The company entered into an arrangement to fund the acquisition of Trevor Matthews' Edinburgh house at fair market value with the intention of its immediate sale." Friends has now sold the house for £2.6 million, believed to be considerably less than it paid.

The annual report also reveals that the 57-year-old Australian-born chief executive has been given a special five-year "turnaround" that is currently worth some £3.6 million but could be much more if he succeeds on some testing targets through to 2012.

He also got a £263,000 payout last year for share bonuses he gave up at Standard Life.