The Bank of England pays 82 employees more than £100,000 and provides many of them with pension contributions worth as much as a third of their salaries.
The organisation’s 2011 annual report showed that executive directors accrue pension in the bank’s final salary pension scheme or in the career average scheme depending on their date of joining. As an alternative to membership of the career average scheme, executive directors may take a salary supplement of 30%.
Pay for the bank’s nine executive directors ranges from £166,642 to £202,429. Meanwhile, 68 other senior executives are paid between £80,000 and £89,999, 35 earn between £90,000 and £99,999, while 21 receive between £120,000 and £129,999.
The annual report showed that governor Mervyn King received a package of salary and benefits totaling £308,252 in 2010/11, compared to £305,764 in 2009/10. A review of the governor’s salary took place at the beginning of July and he chose to accept no increase.
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