Standard Life has revealed the details of its directors’ pay packages, with former chief executive David Nish continuing to be paid his £835,000 salary while on gardening leave.
Nish’s notice period began on 1 July last year and he is now on gardening leave until 31 March. He is also eligible to receive a bonus over this period.
Keith Skeoch, who replaced Nish as chief executive in August, is being paid less at £700,000. However this is a £200,000 increase on his previous salary as chief executive of Standard Life Investments.
Paul Matthews, chief executive of UK and Europe, and Colin Clark, director of the global client group, are being paid £630,000 and £600,000 respectively.
It comes as the provider has seen pre-tax profits fall in its UK pensions and savings business as the fallout from lower annuity sales post pension freedoms continues.
The provider’s full-year results reveal the pensions and savings arm made a pre-tax operating profit of £334m last year, down 5 per cent from £350m in 2014.
This partly reflected a £33m reduction in the ‘spread/risk’ margin, which measures the profitability of a provider’s annuity business.
Fee revenue went from £619m to £631m, but was offset by an £11m fall in revenue earned on client cash.
Standard Life’s platform performed strongly, with record net inflows of £4.4bn. Assets under administration rose 22 per cent from £20.9bn to £25.5bn, with the number of advisers using the Standard Life Wrap increasing by 123 to 1,463.
Drawdown assets rose 18 per cent from £11.5bn to £13.6bn, while 250,000 new auto-enrolment customers were added during the year.
Standard Life Investments has posted a 33 per cent increase in pre-tax operating profit, from £257m to £342m. Total assets under management went from £245.9bn to £253.2bn.