UK - Aviva chief executive Richard Harvey received a £1.1m top-up to his pension pot, the insurer's annual report shows.
Harvey’s pension increased from £4.5m to £5.6m – providing an annual income of £452,000 in retirement. The increase follows the announcement in January of an increase in his basic salary, bonus and benefits package also to £1.1m.
A Treasury select committee slammed Harvey and three other life office chief executives for accepting bumper pay rises – and pension pot top-ups – while the industry has continued to struggle.
The chief executives of Legal & General, Prudential and Standard Life were also targeted by the select committee.
Harvey is in the group’s final salary section of the Aviva Staff Pension Scheme, which is closed to new employees.
The scheme had an FRS17 deficit of £838m as at December 3, 2003, compared with £654m 12 months earlier.
The scheme is advised by Watson Wyatt.
The Pensions Regulator (TPR) has set out plans to use "new regulatory initiatives" with over 1,000 schemes as it aims to tighten its regulatory grip and boost member outcomes.
HM Revenue and Customs (HMRC) has announced it is delaying the provision of data that will enable pension schemes to confirm the guaranteed minimum pension (GMP) benefits to pay to members until the end of the year.
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