UK - Schemes have echoed union concerns that pensions for executives are outstripping benefits for other staff.
The National Association of Pension Funds voiced its concern after the Trades Union Congress claimed inequity was increasing.
The TUC’s PensionsWatch report - based on a survey of FTSE100 firms and those in the top 100 in terms of employees - found directors of the UK’s top 127 firms had combined final salary scheme benefits worth £750m and an average pension of £2.15m.
The average director’s defined benefit pension would pay out £169,000 a year - over 26 times the national average.
An NAPF spokesman said: “We share concerns about widening gaps between executive pay and non-board pay.
“Executive remuneration should be closely aligned with performance, and if firms perform well, the rewards should be appropriate - not just in the boardroom. We hope greater transparency on directors’ remuneration, as we have urged, will lead to greater fairness.”
The TUC said employers had ignored a warning from Conf-ederation of British Industry director-general Digby Jones last year for employers to cease paying “rewards for failure” while reducing staff pensions. TUC general secretary Brendan Barber said: “Fat cats are still supping the pensions cream and have taken little or no notice of business leaders or ministers who say they should set an example.
“Employees in every sector have seen their pensions under attack in recent years, but few of those making the decisions show any willingness to sacrifice their own pensions.”
The TUC said more than 80% of respondents to its study had DB pensions but only 40% of companies still offered final salary provision for new employees.
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