As government flounders, investors find a way to curb executive pay

An unlikely hero – the Investment Association – is wading into pension inequality with a simple, compelling proposition

When the former Royal Bank of Scotland boss Fred Goodwin reluctantly agreed, in the wake of the bank’s collapse and nationalisation, to cut his annual retirement income to £342,500 a year from £555,000, it clearly illustrated the excessive amounts of cash stashed away in boardroom pensions.

Almost all Britain’s largest companies – and many of its medium-sized ones – went into the financial crisis of 2008 promising to pay pensions worth about two-thirds of an executive’s final salary.

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