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Standard Life former FD receives £1.1m pay-off

Standard Life former finance director Alison Reed has received a £1.1m settlement after she made claims against the company following her departure in October 2006.

Reed made claims against Standard Life over the termination of her employment and an out of court agreement was reached in November 2007.

Standard Life also paid £97,500 towards her legal fees and she also received 113,853 shares as part of a performance related award.

Reed worked at the life office for 18 months during the life office’s demutualisation and was replaced by David Nish in October 2006.

She was replaced by David Nish in November 2006.

The details were announced in Standard Life’s remuneration report which was released today.

The report also revealed that group chief executive Sandy Crombie received a total salary of £1.6m in 2007 while recently departed head of UK retail Trevor Matthews received £1m.

Finance director David Nish received £945,000 and Standard Life Investments chief executive Keith Skeoch received £1.7m.

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