Mervyn King's pension increased by more than 10% last year to just under £200,000 a year during a period the governor of the Bank of England described as the "most challenging" for Threadneedle Street since it was granted independence in 1997, The Guardian reports.
Although the governor refused to accept a salary increase of up to £100,000 a year proposed by outside consultants, the Bank's annual report shows that he is now eligible for a final salary pension of £198,200 - up £19,000 on the year. The cash value of the pension pot required for King's retirement increased by £521,000 to £5,356,500. King's salary increased by 2.5% from £290,653 to £297,920 during the period the Bank was grappling with the collapse of UK banks caused by the financial crisis, the increase in inflation to more than 5% and the economy's descent into deep recession. Th...
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