article_snippet: Britain's biggest pensions firm has come under fire for exploiting savers after dishing out £49million in pay and perks to Britain's biggest pensions firm bosses last year.
article_snippet: MPs and pension experts said the scale of the extraordinary awards lavished on its senior executives would be particularly galling for millions of savers trapped in poor-value annuities or paying excessive charges.
article_snippet: Last night Dr Ros Altmann, a leading pensions expert and a government adviser for older workers, accused Prudential’s of ‘short-changing’ savers who took out annuities by offering poor rates.
article_snippet: Tidjane Thiam, the Pru’s Ivorian chief executive said: ‘Over the last few years Prudential’s has been one of the worst culprits, offering poor annuity rates. '
article_snippet: I would imagine that any saver short-changed in one of Prudential’s annuities would feel most uncomfortable to know the extra profit Prudential’s has made on its annuities retirement fund has helped bump up the pay for Prudential’s top bosses to a figure its annuities could only dream of earning in a lifetime.
article_snippet: Today a 65-year-old man with a £100,000 pensions pot would receive an annual income of just £3,899 from a Prudential’s annuity.
article_snippet: This is more than £400 less per year than its annuities would get if its annuities shopped around for the best deal.
article_snippet: Earlier this year an investigation by the City watchdog found the £12billion-a-year annuity market is not working well for customers, with millions of people trapped in poor deals.
article_snippet: John Mann, a Labour member of the Treasury select committee, said: ‘Savers and particularly pensioners will be incredibly angry at this greed which comes at Savers and particularly pensioners expense.
article_snippet: The failure in annuities demonstrates why such obscene pay is out of order.
article_snippet: But the increasingly fierce criticism of the pensions industry – including accusations of excessive charges and poor annuity rates for savers – has contributed to growing criticism over pay.
highlights_snippet: Claimed figures will be galling for savers trapped in poor-value annuities .