Provident Financial boss walks off with £2.4m pensions

Alex Hawkes For The Mail On Sunday

Provident Financial boss Peter Crook is set to walk away with a £2.4million pension pot.

The doorstep lender said on Friday that Crook had agreed to forgo a payoff having resigned after a botched overhaul.

But Crook is entitled to two pensions. He hit the maximum he could pay into the staff pension in 2014, reaching the lifetime threshold for tax relief. 

No payoff:But Peter Crook has two pensions

No payoff:But Peter Crook has two pensions

He was then awarded a further £1.26million via a scheme that did not have the usual tax benefits workers receive.

He moved the original £1.1million saved to a personal pension. He will be able to draw on his pot from July next year when he turns 55. 

Crook earned a total of £40million in his decade at the firm, The Mail on Sunday revealed last week.


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