From reading reports today in relation to the pension benefits paid to the former CEO, the numbers quoted seem a little odd:
- the total salary paid to the former CEO was circa €227,000
- I think it was stated that his pension would be 36/80ths
- but the above calculation would be more than the €90,000 pension also reported
- under normal Public Sector pension arrangements he would also be entitled to a max lump sum of 150% of salary ( circa €340,000)
- but it was stated today that he received €200,000 tax free plus a further €270,000 which is taxable
- but that equates to a total retirement lump sum of circa €470,000 ( some €130,000 more than the normal pension lump sum)
- so did he also get some termination payment in addition, just for retiring early?
The whole arrangement stinks, another Bertie "keep the boys happy" arrangement. The fact that the Directors thought that it was ok to agree such a structure and build in a confidentiality agreement is just typical of the Bertie mafia.
- the total salary paid to the former CEO was circa €227,000
- I think it was stated that his pension would be 36/80ths
- but the above calculation would be more than the €90,000 pension also reported
- under normal Public Sector pension arrangements he would also be entitled to a max lump sum of 150% of salary ( circa €340,000)
- but it was stated today that he received €200,000 tax free plus a further €270,000 which is taxable
- but that equates to a total retirement lump sum of circa €470,000 ( some €130,000 more than the normal pension lump sum)
- so did he also get some termination payment in addition, just for retiring early?
The whole arrangement stinks, another Bertie "keep the boys happy" arrangement. The fact that the Directors thought that it was ok to agree such a structure and build in a confidentiality agreement is just typical of the Bertie mafia.