UK - Two Compass directors have had their pensions increased to 10 times the proposed £1.4m lifetime savings cap.
Chairman Sir Francis Mackay’s pension is now worth £13.7m, a rise of £2m, while chief executive Michael Bailey’s fund has increased by over £1.5m to £13.6m.
Both increases would have exceeded the proposed lifetime limit on tax-free pension savings.
The pair were awarded the increase after helping the catering firm achieve a 10% rise in operating profits and a 6% rise in like-for-like sales in 2003.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.