Menu
11/08/2010
BBC To Scrap Pension Top-Ups
BBC Director General, Mark Thompson, has set out plans today to scrap top executives pension top-up payments, totalling over £1m per year, in time for the next financial year.
The move will see his £838,000 remuneration package cut by 20%.
Reflecting on the pension cash payment top-up scheme he said: "We will review them on the principle that pension contributions should be as consistent and fair as can be irrespective of seniority," he continued: "From an economic point of view we don't have much room to manoeuvre."
The payments, known as "Furbs", were introduced for top executives who joined after 1989 when a cap on pensionable earnings was introduced at £123,000. The aim of the scheme was to top up the pensions of senior executives with the amount they would have got if the cap was not introduced.
Thompson's Furb payment is the largest at £163,000 per year.
Along with other senior executives, Thompson has already agreed to forgo a month's salary this year and in 2011.
He is currently attempting to plug a £2bn deficit in the corporation's final salary pension scheme.
Staff have appealed to the Director General to reconsider a proposed 1% annual growth cap on pensionable salaries. Thompson has already agreed to look into pension issues faced by foreign correspondents "immediately."
(BMcN/KMcA)
The move will see his £838,000 remuneration package cut by 20%.
Reflecting on the pension cash payment top-up scheme he said: "We will review them on the principle that pension contributions should be as consistent and fair as can be irrespective of seniority," he continued: "From an economic point of view we don't have much room to manoeuvre."
The payments, known as "Furbs", were introduced for top executives who joined after 1989 when a cap on pensionable earnings was introduced at £123,000. The aim of the scheme was to top up the pensions of senior executives with the amount they would have got if the cap was not introduced.
Thompson's Furb payment is the largest at £163,000 per year.
Along with other senior executives, Thompson has already agreed to forgo a month's salary this year and in 2011.
He is currently attempting to plug a £2bn deficit in the corporation's final salary pension scheme.
Staff have appealed to the Director General to reconsider a proposed 1% annual growth cap on pensionable salaries. Thompson has already agreed to look into pension issues faced by foreign correspondents "immediately."
(BMcN/KMcA)
Related UK National News Stories
Click here for the latest headlines.
22 November 2006
ITV pensions plan sparks union strike threat
Unions are threatening to take industrial action at ITV over proposals to close the company's final salaries pension scheme. The three main ITV unions, Bectu, NUJ, and Amicus have promised to call a strike ballot if ITV closes its final salary pension scheme and transfer staff to a less generous "career average" scheme.
ITV pensions plan sparks union strike threat
Unions are threatening to take industrial action at ITV over proposals to close the company's final salaries pension scheme. The three main ITV unions, Bectu, NUJ, and Amicus have promised to call a strike ballot if ITV closes its final salary pension scheme and transfer staff to a less generous "career average" scheme.
18 August 2005
Firms face pressure on pensions
Fewer than one in ten employers mention pension provisions in their job advertisements, a report by the Trades Union Congress has claimed. According to the TUC’s annual survey, only 6.1% - 69 advertisements out of 1,132 - mentioned a pension, a decrease of 0.5% from 2004 figures.
Firms face pressure on pensions
Fewer than one in ten employers mention pension provisions in their job advertisements, a report by the Trades Union Congress has claimed. According to the TUC’s annual survey, only 6.1% - 69 advertisements out of 1,132 - mentioned a pension, a decrease of 0.5% from 2004 figures.
20 February 2006
CBI warns employer compulsion is wrong answer
The CBI today has unveiled proposals to help tackle the UK's emerging pensions crisis without compelling business to contribute to staff pension schemes. The employers' organisation argued, in its submission to the Government, that enrolment without compulsion is the best way of increasing pensions saving without undermining existing provision.
CBI warns employer compulsion is wrong answer
The CBI today has unveiled proposals to help tackle the UK's emerging pensions crisis without compelling business to contribute to staff pension schemes. The employers' organisation argued, in its submission to the Government, that enrolment without compulsion is the best way of increasing pensions saving without undermining existing provision.
08 December 2011
Gov Attempt To Resuscitate NHS Pension Deal
The Government is to put forward a revised pension deal for NHS workers that could see the lowest paid taken out of the higher contributions. Nurses on low professional pay grades along with health staff earning under £26,500 will be protected from the rise, the Department of Health is expected to say.
Gov Attempt To Resuscitate NHS Pension Deal
The Government is to put forward a revised pension deal for NHS workers that could see the lowest paid taken out of the higher contributions. Nurses on low professional pay grades along with health staff earning under £26,500 will be protected from the rise, the Department of Health is expected to say.
06 July 2011
Radical Pension Changes To Affect Local Businesses
Private sector employers need to take action now to prepare for a significant overhaul of employee pension provision or face playing catch up on one of the biggest issues to impact the business community for decades, according to a leading UK pension’s expert.
Radical Pension Changes To Affect Local Businesses
Private sector employers need to take action now to prepare for a significant overhaul of employee pension provision or face playing catch up on one of the biggest issues to impact the business community for decades, according to a leading UK pension’s expert.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
