Could you survive on a pension of £224,000 year?

In the UK, the maximum state pension for a single person – after paying for 30 qualifying years – is £97-65 a week or £5,078 a year. Obviously many of us have an occupational pension as well. The average private sector pension is £9,568 a year but the average public sector pension is only £6,497 a year.

However, the top earners in the private sector ensure that they have astronomical occupational pensions. The annual PensionsWatch report from the Trades Union Congress reveals that the directors of the largest 100 British companies are entitled to an average annual pension of £224,000.  In fact, Jeroen van der Veer, a director of Royal Dutch Shell, will receive £1,253,709. Overall, company directors receive a pension worth around 23 times that of their staff.

You can read the full report here.


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