SL chief Nish set to net £2m

STANDARD Life chief executive David Nish is set to receive more than £2 million if the Edinburgh-based insurance company hits performance targets.

Mr Nish, who took over from Sir Sandy Crombie in January, will get a basic salary of 725,000 – 39 per cent more than last year when he was group finance director.

He will also be paid a bonus of up to 175 per cent of his salary – 1.27m – depending on the group's performance, while getting 25 per cent of his salary – 181,250 – into his pension. In total, he is in line to receive 2.18m in salary, bonus and pension allowance.

Last month, Standard Life said its 2009 profits fell 1.5 per cent on the year to 919m. A spokesman for Standard Life refused to be drawn on the targets.