Wednesday, September 06, 2006

Pensions for the Fat-Cats

Of course , for some members of the capitalist class , it is a matter of do as i say and not do as i do , when it comes to the claw-backs and attacks on workers pensions and their own pension schemes

Directors at the UK's top 100 companies have built up a pensions pot worth almost £1bn , a report has found

The average director can retire at 60 with a pension worth almost £3m , or paying out £168,000 a year

The proportion of executives in final salary schemes remained above 80% , while many firms had closed such schemes for its staff

It takes staff an average of 40 years to reach full pension compared to 20 years for directors

Three quarters of the companies surveyed said they allowed executives to retire on a full pension at the age of 60

Companies paid in up to 35% of salaries into directors' pensions , compared with the average for all employees of 6.6%

Bosses at the UK's top firms retire on a pension worth at least 71 times that of the basic state pension for a married couple

112 directors currently entitled to a pension worth at least £200,000

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