Tuesday, 25 October 2011

Laughing all the way to the bank...

Public service workers are being asked to pay for the bankers' crisis, by an average increase in their pension contributions of more than 50% if they earn above £15,000 full time. This extra money isn't being used to improve the pension schemes for the future – it's going straight to the Treasury to pay for the bankers' crisis.

But why can't the bankers' pay for the crisis out of their own pockets? Is it because their own pensions aren't big enough? InFocus uncovered the facts about some of the pension pots that bankers have to struggle by on during their retirement and compares them to the 'gold-plated' pensions of some of our public service workers.

After all: 'We're all in this together' – right?

Eric Daniels: aged 59
Group chief executive of Lloyds Banking Group.
Worked there from June 2003, retired 28 February 2011.
Pension pot: valued at £5.03 million last December.
Annual pension: £210,000 a year.

Gill Malik: aged 59
Housekeeper in West Suffolk Hospital.
Worked there for 20 years (contracted out for seven years).
Pension if she retires at 60: £1,782 a year.
Pension if she retires at 65: £2,764 a year.

Fred Goodwin: aged 50 at retirement
Chief executive of the Royal Bank of Scotland.
Worked there from 2001 to 2009.
Annual pension: £342,500.
Poor Mr Goodwin had to reduce his pension following public outcry and negotiations with RBS. However, he was entitled to keep an estimated £2.7m tax-free lump sum as well, which would have helped to soften the blow.

Carole Maleham: aged 59
Driver for museums and arts for Rotherham borough council.Employed by council for 26 years (unable to join the pension scheme for many years as she was a part-time worker).
Expected pension: £3,000 a year.

John Varley: aged 54 at retirement
Chief executive of Barclays PLC until 31 Dec 2010.
Worked at Barclays for 28 years.
Pension pot: £18.256 million.
Annual pension: £619,000 a year.


  1. Hardly comparable jobs, these, are they?

    The chairman of a bank against council driver? You need to get a grip on reality. The bigger the job, the bigger the pay packet.

    Yes, the bankers are greedy bastards milking the system, but comparisons need to be appropriate or else you are seen to be doing the same - but just at the other end of the scale.

  2. It’s very interesting and enjoyable to read your post. How do you say that bankers pay for the crisis out of their own pockets?


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