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Executives get same pension benefits as staff

Most executives get no better retirement benefits than other members of staff.

A survey of 3,000 executive directors and senior executives by Xafinity Consulting found 71% said bosses were not providing them with higher levels or different types of retirement benefits than those offered to other staff.
 
This is a marked decrease compared to last year when nearly half (44% of executives) were offered a different set of benefits.
 
Robert Birmingham, managing director of Xafinity Consulting, said: "There is certainly a trend where we are seeing a more egalitarian approach to the provision of retirement benefits. The majority of senior executives are not singled out for special treatment when it comes to the benefits that employers are offering."
 
More than half of executives receive an employer contribution of less than 10% to their pension and 75% receive less than 15%. These contributions are unlikely to produce a retirement pension that will meet the historic expectations of senior executives.
 
However, the survey also shows 40% of executives still enjoy final-salary defined-benefit pension schemes with accrual rates of 1/45th as opposed to just 3% of other employees.