Former Northern Rock chief executive received £109,000 pension top-up
Mar 04, 2009 | Comments 0
It has been revealed that former chief executive of Northern Rock (PINK:NHRKF), Adam Applegarth received a boost of £109,000 to his pension fund after being sacked after the bank had collapsed. The top up formed part of Applegarth’s severance package, which has now taken his pension pot to £2.7 million.
Mr Applegarth stepped down from his position in December 2007, and he was guaranteed a year’s salary, which was worth £760,000, including employer’s pension contributions. Those contributions come to £108,675.
A spokesperson for Northern Rock
said that the pension increase for Mr Applegarth had been a “contractual entitlement.” Mr Applegarth is now 43 and can retire at 60 and claim a pension of £305,000. He has an option of claiming his pension at 55, but the annual payments would then be reduced.
Filed Under: Business News