UNISONActive is an unofficial blog produced by UNISON activists for UNISON activists. Bringing news, briefings and events from a progressive left perspective.

Friday, 18 March 2011

They Who Have Gold Plated Pay Have Gold Plated Pensions!

It's true public sector workers have gold plated pay and pensions - well five of them at RBS at least. US-based RBS banker Ellen Alemany is the highest rewarded of the five with a deal worth almost £6m. A further £736,000 was paid to her for pension arrangements. http://www.guardian.co.uk/business/2011/mar/17/rbs-top-five-paid-twenty-million

One year's pension contribution for Ellen Alemany of £736,000 is equivalent to the average penson per year of 262 women in the LGPS - who has the gold plated pensions?

RBS chief executive's pay of £7.7m is equivalent to about 233 times typical pay in finance, compared with other FTSE100 bosses who on average earn 120 times typical pay.

The other 4 RBS directors were given, we wont say earned, £5.93m, £3.36m, £3.24m and £2.62 respectively. But, again, this does not tell the whole story of what RBS pays. There are other RBS staff, working in high-paying sections of its investment bank, who earned more than these five.
They will be getting equivalent pension pots of course.