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Showing posts with the label Iain Carmichael

Enterprising for some

Further to our earlier post on generous retirement pensions for those who hold directorships , we read that Iain Carmichael, the former finance director at Scottish Enterprise had an extra £380,600 pumped into his pension fund .

The annual accounts of the economic and business development quango, which were made public yesterday, reveal that Carmichael retired in March with a golden goodbye worth £539,105 - nearly three times the £200,000 that had been previously estimated.
He received £106,765 in pay in lieu of notice, £5544 for accrued holiday pay, £46,196 for loss of office and £380,600, which was transferred into the Scottish Enterprise pension fund to bump up his retirement pay. Carmichael's pension pot has now swelled to £777,600 - taking the current cash equivalent transfer value of his pension of £397,000 which, according to Scottish Enterprise, in "very basic terms", could be added to the £380,600 paid into his fund in March when Carmichael left the agency.
Scot…