Friday 24 October 2008
Mandelson to get £1m pay-out from EU
'Golden goodbye' package after just four years for new Business Secretary as questions hang over relationship with Russian oligarch
By Brian Brady, Whitehall Editor
Sunday, 12 October 2008 …Independent
Peter Mandelson will pick up a £1m "golden goodbye" package following his departure from Brussels, despite walking out after serving only four years as Britain's European Commissioner.
The new Business Secretary will receive a £104,000 salary as a minister in the House of Lords, and qualifies for a total of £234,000 in "transitional payments" over the next three years to help him readjust to life outside the European Commission.
But he is also guaranteed an EU pension when he reaches 65 – in 2018 – starting at £31,000 a year and rising in line with the cost of living. The overall cost of funding such a pension is put at £750,000.
By Brian Brady, Whitehall Editor
Sunday, 12 October 2008 …Independent
Peter Mandelson will pick up a £1m "golden goodbye" package following his departure from Brussels, despite walking out after serving only four years as Britain's European Commissioner.
The new Business Secretary will receive a £104,000 salary as a minister in the House of Lords, and qualifies for a total of £234,000 in "transitional payments" over the next three years to help him readjust to life outside the European Commission.
But he is also guaranteed an EU pension when he reaches 65 – in 2018 – starting at £31,000 a year and rising in line with the cost of living. The overall cost of funding such a pension is put at £750,000.
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