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Tuesday 17 January 2017

INBS boss got gold-plated pension top-up

Edel Kennedy

Published 11/10/2010 | 05:00

AS pension top-ups go, Michael Fingleton got the A-rated, gold-plated, bejewelled payout.

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He's personally blamed for bringing Irish Nationwide Building Society to its knees, but as its former boss he was not left out of pocket. The man who ruled it for 37 years was well-remunerated.

Mr Fingleton's overall pay package for 2008 totalled €2.4m. In April last year he eventually stepped down as chief executive -- but he got paid €220,000 for his four months' work.

And this was in addition to the massive pension top-up of around €27m, which he was given in 2007. This was more than the combined pension pot of all of Nationwide's other employees.

It is believed the bumper nest egg took a "significant" hit at the hands of the imploding property market.

But the liquidation of the building society would not inflict any further pain, since Mr Fingleton's pension is in a special, "self-administered" fund that's ring-fenced from Nationwide.

A liquidation would also do nothing to compel the banker to return the €1m bonus he infamously promised to return and then hung on to.

There is also no way of knowing if he has paid the sum to a charity, as he once indicated he would do.

Irish Independent

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