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Plea over pension

PEUGEOT'S outgoing chief executive is facing calls to give up part of his €310,000 pension when he steps down in 2014, three years before the end of his current contract.

The French carmaker, which is cutting more than 10,000 jobs, this week named a former Renault executive to succeed chief executive Philippe Varin next year. In keeping with company practice, Mr Varin will receive no severance payment when he leaves the group. But the company has set more than €21m aside to cover future payouts towards his retirement.