§ Mr. EasthamTo ask the President of the Board of Trade what final lump sum severance payment was paid to the chief executive of the Post Office on leaving that post. [2889]
§ Mr. Oppenheim[holding answer 29 November 1995]: Mr. Cockburn, the former chief executive, received no severance pay on leaving the Post Office and waived any entitlement to salary in lieu of notice. However, he receives an annual pension under the rules of the Post Office staff pension fund—the Post Office staff superannuation scheme—which is based on his length of service, his age and his final salary. Under those rules he receives a lump sum payment equivalent to three times his annual pension. That lump sum payment was £285,542.