POLITICS
05/09/2013 05:26 BST | Updated 05/09/2013 05:29 BST

Top Bosses' Pensions Average £260,000-A-Year, 25 Times Larger Than Staff

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Businessman stands holding a golden piggy bank cradled in his hands

Top business chiefs are enjoying "platinum-plated" pensions of nearly £260,000 a year, equivalent to 25 times that of the average worker, a new study by the Trades Union Congress.

A survey of around 300 directors in 100 FTSE-listed companies found that the average pension pot rose by £41,000 to £4.7 million.

The average pension for top directors was £259,947 a year, 25 times the average employee pension of £10,452 a year.

TUC general secretary Frances O'Grady said: "Britain's top bosses already enjoy a level of pay and bonuses beyond common decency.

"But not content with grabbing an ever larger slice of the UK's earnings pie, they are adding to the country's growing inequality with their platinum-plated pensions.

"As pensions are not performance-related, there can be no justification for this stark divide in company pensions. Some directors are collecting millions while schemes are scaled back for ordinary staff."