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Incentive plan pushes Standard Life chief’s pay up to £5m

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Standard Life chief exec David Nish

Standard Life chief executive David Nish saw his overall pay reach £5m for 2012, including £2.8m relating to the firm’s long-term incentive plan.

Nish’s total pay for 2012 included a base salary of £775,000, a £1.2m annual bonus and £2.8m related to the group’s long-term incentive plan which is due to vest in June.

Nish’s total remuneration in 2011 was £2.6m. Standard says he will receive a pay increase of 2 per cent in 2013, taking his base salary to £790,000.

Standard Life Investments chief executive Keith Skeoch’s total pay was worth £4.3m which included a £425,000 base salary, a £1.5m annual bonus and £2.3m relating to the long-term incentive plan. Skeoch received a total pay package of £2.6m in 2011.

Chief financial officer Jackie Hunt’s remuneration was £2.5m, including £1.1m within the long-term incentive plan. Hunt’s 2011 remuneration was worth £1.5m.

Standard Life reported a 65 per cent rise in pre-tax profit for 2012, from £544m to £900m.

Cube Financial Planning co-founder Mike Godfrey says: “I think the fact that Standard’s profits have significantly increased means the senior management probably deserve a bonus. I think the numbers always seem quite high though and maybe a cap on the level of bonuses would be a good idea.”

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