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Whilst the majority of us will be lucky to settle
down at the end of a lifetime's toil with little
more than a basic income, Britain's captains of
industry are romping home with pensions averaging
1.2 times their salaries. According to a survey
conducted by The Observer newspaper their pension
pots are worth an average of £8.2m.
The biggest winners last year were Sir Philip
Watts, ousted chairman of managing directors of
Shell, Sir John Bond, HSBC's executive chairman
and James Crosby, chief executive of HBOS. All
three saw their pension pots rise by £2.06m,
£2.42m and £1.89m respectively - roughly
equal to 2.5 times their annual salaries.
The biggest pension among the top ten companies
belongs to Sir Christopher Gent, who took a £15.5m
pot when he retired from Vodafone. It has double
in value in just three years, reflecting a trebling
of his salary between 1997 and 2003.
Andrew Leech, Cross Reference Tel: 01753 884216
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