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.

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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.