Bank of England Governor Sir Mervyn King is retiring to a life of luxury – with a gold-plated, taxpayer-funded pension worth more than £6.3million. Sir Mervyn has not had to pay a penny into his non-contributory pension pot during his 22 years at the Bank. And he will enjoy bumper annual increases in the value of his pot – unlike millions of ordinary Britons whose retirement packages have been hit by Government cuts. Rises in state pensions and most workplace schemes were tied to the consumer prices measure of inflation in Chancellor George Osborne’s 2010 Budget. But not Merv, he made sure that his pension is still linked to the old system and could pay him an astonishing £233,000 a year. It is astonishing that Sir Mervyn, who is after all a public sector worker and whose pension is funded by the taxpayer, hasn’t had to accept any cuts to his pension arrangements. It is sheer hypocrisy to demand austerity of others while living a life of luxury most people can’t even dream of.”
Posted on: Thu, 20 Jun 2013 08:36:11 +0000
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