Nationwide’s 2008 results reveal Beale, along with group operations director David Rigney and group product and marketing director Stuart Bernau, can accrue a pension of 1/30th of pensionable salary for each year of their service, up to two-thirds of their final salary.
In the year ending April 2009, Beale earned £1.55m while the transfer value of his pension is £4m. Bernau, who earned £836,000, has a pension worth £6.2m. Rigney earned £715,000 and has a pension worth £1.3m.
Hargreaves Lansdown pensions analyst Laith Khalaf says: “The typical pension is 1/60th or even 1/80th accruals, so this is very, very generous. I thought MPs’ pensions were the cream of the crop,and they are usually at 1/40th accruals, so I would say Beale’s pension is heading towards Sir Fred Goodwin territory.”
Standard Life head of pensions policy John Lawson says: “You do not see pensions this high very often, especially in big companies.”
Nationwide declined to comment on the issue.