On 6 August Patrick Hosking drew the attention of Times readers to an ‘overlooked item’ in HSBC’s interim results for 2011 - a $587 million profit from changing the terms of the staff pension scheme, more than was made by its London-based investment bankers. I expect the staff are pleased & proud of this contribution they were able to make to the bank’s success
On 7 August the High Pay Commission published a report showing that top directors in the private sector will retire on a pension which is thirty times greater than that of the median employee.
Yesterday The Times reported that the Malaysian Employees Provident Fund, which has been building a portfolio of UK properties, is about to buy the (very) large Sainsbury’s distribution centre in Kent. UK pension funds do not seem to be able to parlay such investments into good pensions for their members – perhaps foreigners just settle for smaller incomes in their retirement.
We should have all been rock stars. A report by Deloitte found that8 of the top 20 grossing live acts in the US this year are over pension age, so they are all right.
Links
HSBC Holdings plc 2011 interim results – highlights
Keeping the life in live: A&R diversifies
[pdf]Directors’ Pensions: in it for themselves?
HSBC Holdings plc 2011 interim results – highlights
Keeping the life in live: A&R diversifies
[pdf]Directors’ Pensions: in it for themselves?
