How CAN RM find millions to boost boss's pension

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How CAN the struggling Royal Mail find millions to boost boss's pension?

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Royal Mail has been heavily criticised after admitting it more than doubled payments into the gold-plated pension pot of its chief executive, Adam Crozier.

It revealed that multi-millionaire Mr Crozier received around £3.5million in pay, bonuses and pension contributions last year alone.

But there was anger last night that a taxpayer-owned organisation was allowed to pay out such huge sums to someone who is effectively a civil servant.

Figures from Royal Mail’s accounts make clear that it has found millions of pounds to plug a gap in the pension schemes of executives, including Mr Crozier, while neglecting ordinary workers.

While Royal Mail put an extra £6million from its profits into its executive pension scheme last year, postmen’s pension schemes were left with a black hole approaching £9billion.

Yesterday, the news drew furious condemnation from MPs and the Communication Workers Union, which accused Royal Mail of double standards.

It also drew comparisons to disgraced former Royal Bank of Scotland boss, Sir Fred
Goodwin, who is collecting a pension of £700,000 a year, despite overseeing a record
corporate loss of £24billion.

The revelation is also likely to add to the mounting controversy within the Labour leadership over plans by Business Secretary Lord Mandelson to part-privatise the postal service.