By Marcus Leach

A survey by the High Pay Commission (HPC) has revealed that directors from the UK's leading companies are retiring with pensions as large as £175,000 per year.

FTSE 100 directors are therefore taking pensions of 29 times those of the 'normal' work force.

The findings come at a time when many employee pension schemes are being closed or becoming less generous.

The HPC went on to say that while only a third of company-sponsored pensions at FTSE 350 companies have remained open for workers, 97% have remained open for directors.

"Employees are being called on to cut back as employers cut costs. What we are highlighting is that directors are looking after themselves," HPC chairwoman Deborah Hargreaves told the BBC.

Although there have been changes in tax relief for top rate pensions, she said the government should look at further changes for all higher rate taxpayers.

“This study shows just how unfair pensions provision is in this country," said UNISON- public sector union- chief, Dave Prentis. "At the top of companies, nearly all directors have access to a pension to which their employer contributes. When they do retire, they’ll get a six figure pension.

“Then at the bottom, two thirds of workers do not have a pension that their employer pays into. And the so-called ‘lucky’ ones that do will only get £6,000 a year when they retire.

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