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The growing pension gap in the private sector between the work force and top executives is revelealed in a report from the High Pay Comission, the independent inquiry into top pay in the private sector.
The report, based on research by Incomed Data Services, say that over 97% of directors in the top 350 stock exchange quoted companies have formal, company sponsored pension arrangements while only a third of UK private sector employees recieve a company sponsored pension.
The average FTSO 100 top executives with a final salary pension scheme could expect £174,963 a year on retirement. The annual median pension paid from a private sector final sector scheme is £5,860 for the rest of the workforce, according to figures from the National Association of Pension Funds.