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ARTICLE · 22 NOVEMBER 2016

Time For Pensions Equality

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I was at an event earlier this week at which James Charrington, chairman of BlackRock in Europe, was castigating those companies that plump up the pay packages of senior executives...

United KingdomEmployment and HR
Chris Hodge
Chris Hodge

I was at an event earlier this week at which James Charrington, chairman of BlackRock in Europe, was castigating those companies that plump up the pay packages of senior executives by making large contributions to their pensions.

His point was that it was inequitable to treat these senior executives differently to the rest of the workforce. BlackRock's voting guidelines may it clear that they will look very critically at remuneration policies 'where pension benefits for executives are inconsistent with pension benefits for the wider employee base'.

By coincidence, my next meeting was at the TUC, which has campaigned on this issue for a long time. The most recent edition of its annual PensionsWatch survey, published in September 2015, showed that the average employer contribution to senior executives' pensions in the FTSE 100 was 34% of salary.

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