PENSIONS 40 TIMES' WORKERS

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EXCLUSIVE
By Nick Dorman

Fury grew last night after a union investigation showed top bosses are grabbing pensions FORTY times that of the average worker.

A survey by the TUC highlighted the astonishing gap between the sums private sector directors and rank-and-file employees can expect to retire on. The study, in the wake of the furore over bank boss Sir Fred Goodwin's £16million pension pet, sparked widespread condemnation.

Tuc general secretary Brendan Barber said: "At a time when companies have been keen to cut costs it is always the boardrooms that seem immune.

"It is not acceptable for top directors to hang on to their gold-plated pensions, topped up at every opportunity, when staff are facing risky pensions that have plummeted in value."

And finance guru Dr Ros Altmann, a former No10 adviser who masterminded a campaign against low settlements, warned: "Pensions policy is promoting social injustice and inequality.

"Pensions are becoming a rich person's game."

The TUC found the most senior director of each of the UK's top 100 firms had an ave rage pot of £5.2million each.

That entitled them to an annual payout of £333,400 - while the average worker was left with just £8,100 a year. Meanwhile, research by the TaxPayers Alliance showed 17,000 public sector workers have already retired with pension pots worth over £1million.

They include 10,500 senior NHS workers, 3,680 civil servants, 1,800 school heads and teachers, 815 judges and 167 Royal Mail employees.

For example Royal Mail chief executive Adam Crozier, Britain's highest paid public sector boss, would be in line for a six-figure annual pension from the £1.25million-a-year post he has held since 2003.

But the average postman earning £18,000 could get a pension of just £7,800 after 30 years' service.

The only other help available to workers in either sector is the state pension of £4,716 - provided national insurance contributions are up to date.

Corin Taylor, of the Taxpayers' Alliance, said: "It is not right for taxpayers to be subsidising million-pound retirement benefits for the public sector elite."

BOSSES' TROUGH

Todd Stitzer Cadbury/Schweppes £882,000

Terry Leahy Chief exec of Tesco £705,000

Fred Goodwin Ex-chief exec of RBS £693,000

Jenny Abramsky BBC director of audio £190,000

AND FOR THE REST OF US

Nhs nurse As little as £12,500

Fireman £17,800

Roadsweeper £4,632 & one-off £13,905

Dinnerlady £7,945 & one-off £23,837

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The figure for the postman of £7800 will fall as the final salary scheme ended in april 2008 YET ADAMS :cfo IS STILL RISING AT 1 MILLION POUNDS A YEAR GREEDY BAST*RD. :cfo :cfo :cfo