Three Royal London directors earn £1m plus

THREE directors of mutual life and pensions group Royal London took home seven-figure remuneration packages last year including chief executive Phil Loney, whose overall pay rose to £1.7 million from £1.4m.

This compares to the previous year when all six directors trousered millionaire pay packets, including Mike Yardley, who resigned in September 2011 and left with a £4.3m payout the same year. John Deane, chief executive of Scottish Life, who left the business in June, received £887,000 in 2012 compared to £1.8m in the previous year, according to the company’s annual report.

Outgoing finance director Stephen Shone – who will remain with the mutual to manage its acquisition of the Co-operative Banking Group’s life insurance and asset management businesses – received overall remuneration worth £1.3m in 2012. He will see his base pay rise from £406,000 to £416,000 in 2013.

Andrew Carter, head of Royal London Asset Management, was last year paid £1.2m overall, including £223,000 as part of an annual incentive plan, and a further £546,000 as part of a long-term incentive plan that vested during the year.

Loney’s package included £609,000 in base salary – which is set to rise 2.5 per cent to £627,000 this year. Additionally, Loney received a £152,000 contribution to his pension, £778,000 as part of a short-term incentive deal and a further £117,000 of long-term incentives that vested during the year.