Directors 'bucking pensions trend'

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A study of 346 company directors showed they had amassed pension pots averaging £3 million each, with some having more than £5 million, paying out an annual sum of £333,000, according to the TUC.

The TUC said its annual PensionsWatch survey disclosed that bosses had "bucked the trend" towards less generous pensions for ordinary workers.

Top directors with the highest pension payments received an average employer contribution of £149,600, said the report.

Most directors were still able to retire at 60, in contrast to workers across the public and private sectors who have seen their retirement age increase to 65, said the TUC.

The union organisation said it had also uncovered a "lack of transparency" in the reporting of directors' pension arrangements.

TUC general secretary Brendan Barber said: "As ordinary workers have their pensions schemes closed and are expected to work for longer, the UK's top bosses are avoiding this collective belt-tightening and retaining their gold-plated pensions.

"Top bosses justify their lavish pay and pension arrangements on the risks they take and the rewards they deserve for success. But these credit crunch-busting retirement plans seem to exist in a different world from the economic squeeze that is affecting everyone else's pensions.

"Many of the most lucrative pension arrangements are shrouded in secrecy, making it hard for investors to scrutinise them and ensure that bosses are accountable.

"If top directors can really justify their rewards they must be bolder in declaring their pay and pensions to investors and their staff."