James Moore: Pensions profiting from politics of immorality
Outlook It's time for executive racket number two. Yesterday I wrote about the way shareholders are regularly short-changed by executive retention schemes which benefit only the useless (if the beneficiaries are any good the schemes get bought out by their new employers).
While that's clearly an example of bad practice, if not an out-and-out con, it pales by comparison with the pension arrangements of some of Britain's best-paid bosses.
Headline pay packages have been under scrutiny like never before. A few undeserving executives have even been pressured to hand back their annual bonuses (but never their long-term incentive plans).
Pension arrangements, however, have passed by with relatively little comment. That really ought to change because it's not only Fred Goodwin who drove his company into a brick wall and was then able to head off to France with what was still a bumper pension, even if he did give a bit back.
Tomorrow the TUC publishes its annual PensionsWatch survey and it promises to make interesting reading.
Critics might say the TUC is bound to be critical. But previous editions have concentrated on the numbers, which, with a bit of detective work, one can generally unearth after a few hours' study of an annual report.
Given that British business appears to feel its leaders should win big in the good times and win marginally less big in the bad times, there's a high likelihood that the survey won't have found a sudden outbreak of good practice from the remuneration committees that design executive pension schemes with the help of consultancy firms with an eye on winning more business.
"That's the politics of envy," the right will no doubt cry if people get cross. It isn't the politics of envy, though, or anything like it. When the people at the top of under-performing organisations slash benefits for those below while pocketing pay rises for doing so it's more like the politics of immorality.
- 1 JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
- 2 The West has it totally wrong on Lee Kuan Yew
- 3 #FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
- 4 Video shows what happens when lava is poured onto ice
- 5 Cate Blanchett loses temper during interview: 'That's your f**king question?'
Andreas Lubitz: Who is Germanwings co-pilot who 'locked out captain and crashed flight 9525'?
Germanwings crash: The poignant final photograph taken by Iranian journalist on doomed flight after watching Barcelona play Real Madrid
#FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
Cate Blanchett loses temper during interview: 'That's your f**king question?'
Jeremy Clarkson calls on trolls to leave producer Oisin Tymon alone: 'None of this is his fault'
Nigel Farage brands LGBT activists 'filth' and 'scum' and accuses them of scaring away his children after they invade his local pub
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Russia threatens Denmark with nuclear weapons if it tries to join Nato defence shield
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Vote Ukip, says far-right group Britain First
iJobs Money & Business
£16000 - £18000 per annum: Recruitment Genius: A position has arisen within th...
£50000 - £63000 per annum + excellent benefits : Ashdown Group: IT Manager / D...
£16500 per annum: Recruitment Genius: Applicants must hold a valid SIA Door Su...
£50000 per annum: Ashdown Group: Business Analyst - Financial Services - The C...