Ex-Legal & General chief's pay quadruples

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The Independent Online

Tim Breeden, the recently retired former chief executive of Legal & General, saw his total pay, benefits and bonus package quadruple to £9.4m last year, helped by the vesting of a deferred bonus scheme.

Mr Breedon, who retired from the insurance giant at the end of 2012, received £4.3m in salary, pension, annual bonuses and a three-year performance plan that vested last year. Furthermore, he received an additional £5.1m from the vesting of deferred shares upon his retirement.

The insurer's pre-tax profits jumped to £1.2bn last year, from £775m in 2011. Meanwhile, Legal & General's share price jumped by 42 per cent in 2012 and the group hiked its dividend by 20 per cent to 7.65p a share.

Mr Breedon handed the chief executive's reins to current head Nigel Morris last June but remained as an adviser until the end of the year.