Tuesday 1 February 2011

An explanation would be nice.....

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.

7 comments:

Mark Wadsworth said...

He used to be a moderate Land Value Taxer back in the day. Maybe that's why they throw so much money at him - to get him to shut up and toe the Home-Owner-Ist Party line?

Stevie b. said...

"Talent must receive its just reward, even when it has been farmed off to Eastbourne"

I seriously think this is a bigoted, thoughtless comment.

Stevie b. said...

I should have made the above read "thoughtlessly stereotypical comment", something I wouldn't normally associate with you, Alice

Alice Cook said...

Steve B,

Thoughtless, that could be me.

Don't quite see where I caused the offense. Nevertheless, I would be keen to hear further what upset you. If offense was committed, I would always apologise.

Alice

Stevie b. said...

I just think you thought of pensioners & picked "Eastbourne" on auto-pilot, with no forethought as to what Eastbourne may be like today relative to the way it may have been decades ago. Yes, it has its full compliment of older people - let's face it, why wouldn't they want to live in the sunniest place in the UK and recently voted best UK resort. But pensioner numbers, as a percentage of Eastbourne's population has been declining & there is now a vibrant and growing younger community.

http://www.visiteastbourne.com/news/campaigns/Facts-about-eastbourne.asp

Alice Cook said...

Steve,

Guilty as charged. That is exactly what I did. It was word association - Eastbourne equals old.

But it appears that I was wrong. Eastbourne is bucking the nationwide trend. As the rest of the country ages, it is atracting the youth.

I can only assume that you live there.

Alice

Ed said...

Alice, no need to apologise. People of this country should be outraged at the unelected beaurucrat who has been awarding himself pay increases and printing money (future debt obligations on us) to his banker budies.

Really people you need to get a grip! Who cares if you made a slight at Eastbourne. I mean really, let's get some perspective, the crime is the ongoing pillage by the central banks and the banking system.