THE TELEGRAPH: Three former policemen are benefiting from pension packages worth more than £3m each, creating a new breed of “millionaire police officer.”
The three officers Sir Hugh Orde, Sir Ronnie Flanagan and Sir Ian Johnston are receiving payments of up to £100,000 a year despite each taking up another lucrative job, either in the public or private sector.
Calculations by financial experts show the officers’ pension pots are worth between £3.3m and £4.7m as a result of payments based on two thirds of their final salary.
They are also entitled to a tax-free lump sum worth up to three times their final year’s salary and amounting to as much as £560,000.
The payments can be taken after 30 years of service, meaning that some officers can claim their retirement package at the age of 48.
Steve Webb, the Liberal Democrats’ work and pensions spokesman, said: “At the top of the public sector is an early retirement culture that belongs to a bygone age.”
The three officers are receiving up to £100,000 a year each in pension payments on top of an average £200,000 salary in their new jobs. >>> Duncan Gardham | Sunday, September 20, 2009
