Executive pension report - UNISON reaction

UNISON, the UK’s largest public sector union, is welcoming the Lane Clark & Peacock report findings, which expose an apartheid that exists between those at the top and low paid workers.

The report reveals that FTSE 100 companies are contributing an average of 70 per cent of executives’ pay to fund the final salaries of top officials.

Glyn Jenkins, UNISON’s Head of Pensions, said:

“We hear a lot about gold plated public sector pensions, but the real apartheid is between boardroom fat cats and low paid workers.

“The top dogs secure outrageously generous pensions for themselves, with low retirement ages.

“At the same time their workforce save for their retirement in reasonable schemes, so they will not be a burden on future tax payers, and still suffer cuts to their pensions.

“The reality is the average local government pensioner receives only £3,800 a year – just £74 a week.”