From the Telegraph....
The Bank of England topped up Governor Mervyn King's pension pot by £1.4m after deciding to award him an early payout in 2008.
The deal was settled shortly after Mr King negotiated a second five-year term at the Bank following a fraught reappointment process in the wake of the Northern Rock crisis. In his final 16 months as a member of the generous final-salary scheme, the Governor's pension pot grew by a third from £3.95m to £5.36m. By comparison, in the prior 12 months, it rose by £378,700.
Once he leaves the Bank, when his current term expires in 2013, Mervyn King will be eligible to draw an annual pension equivalent to £198,200 today The Bank could offer no explanation as to why the Court of the Bank decided to bring the Governor to full pension accrual before starting a second term, though it may have been for administrative purposes. Once he leaves the Bank, when his current term expires in 2013, he will be eligible to draw an annual pension equivalent to £198,200 today.
Talent must receive its just reward, even when it has been farmed off to Eastbourne.