Letter: How the fat cats get the cream
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.THE EFFECTS upon senior directors' 'final pay' pensions of huge salary rises are perhaps more scandalous than the increases themselves ('Thin excuses for fat cats', 6 March). If a scheme member's final pay is pounds 750,000, that translates into a two-thirds pension of pounds 500,000; to buy an annuity of that amount, indexed, would cost approximately pounds 10m nowadays. So if, five years ago, this high- flyer had been paid a mere pounds 375,000, his meteoric rises will have resulted in an additional 'earmarking' of the fund of some pounds 5m capital cost.
His own 5 per cent of salary contributions to the fund will not have gone far towards this; the balance of cost must have been found from shareholders, and to a massive extent, by the taxpayer at large via the scheme's tax exemptions.
A F Smallbone
London NW11
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments