City Spy: Ros Altmann is cross about big Bank of England pensionsComments Off on City Spy: Ros Altmann is cross about big Bank of England pensions
Not likely, complains pensions expert Ros Altmann in a new blog post about the Bank of England’s “outstandingly generous” scheme.
Its members don’t pay anything at all, and the Bank piles in more than 50% of salary, according to Altmann. And costs are on the rise — up from £50 million in 2013 to £75 million this year.
The scheme is also linked to the Retail Price Index while all other public pensions have been moved to the (lower) Consumer Price Index. Invested solely in UK bonds, it is not particularly ethical either.
“It’s nice to know that some pension arrangements are still so generous, despite the problems faced by most companies trying to offer defined benefit pensions to their staff,” says Altmann.
Incidentally, Bank Guv’nor Mark Carney is not part of the BoE final salary pension scheme. He gets £144,000 in lieu of pension on top of his £480,000 salary plus housing and other benefits, making the Canadian’s annual package worth £874,000.
What your average Goldman banker would call a Living Wage.
WPP’s Sorrell puts his foot in it
WPP chief executive Sir Martin Sorrell likes to indulge in his own unique power dressing — even in the middle of the night.
He was up in the wee small hours in New York (3am local time) to field questions about his advertising group’s latest quarterly results as the London stock market opened. WPP has recently beaten rivals Publicis and Omnicom to buy a stake in hot ad tech firm AppNexus, and Sorrell revealed the company has given him a gift in return.
“I’m wearing a pair of orange AppNexus sneakers,” he said, explaining the tech company does the same for every new employee. “When you become an AppNexus-er, you get a pair of sneakers.”
And if wearing the shoes at the next ad industry event irks rival bosses Maurice Levy of Publicis and Omnicom’s John Wren, so much the better…
Moonpig’s owner boxes clever for Christmas
The numbers don’t quite match Royal Mail’s 19,000 or Amazon’s 13,000 but Moonpig owner PhotoBox hopes its Christmas elves will be even more efficient as it bolsters its team for the seasonal rush.
PhotoBox’s Park Royal manuf-acturing facility is to hire 650 more people to cope, and will be open 24/7 over the festive period. Its Santa hub will send out gifts and cards to more than 22 countries — with about eight mugs and three canvases packed every minute. Park Royal may have been called grotty before but now it can at least boast a Santa’s grotto.
Double celebration for happy City couple
It’s a double celebration for one London digital power couple: independent ad agency SapientNitro’s £2.3 billion sale to Publicis Groupe is good news for European boss Nigel Vaz, who heads the London operation in Spitalfields.
Meanwhile, his wife Emma also ought to be in the money as she is a senior executive at Candy Crush Saga games maker King Digital, which floated on the New York stock market earlier this year and is still worth more than £2 billion despite a slide in the share price.