It closed its final salary linked pension scheme to new members in 2010 and completed a £300m bulk annuity deal in 2009, in which it exchanged UK gilts for an insurance policy to cover a portion of the pension liabilities.
He will also be eligible for a payment of up to 420% of his salary, linked to targets that could see him collect about another £5m, taking the total up to £8.3m.
He wants teacher salaries linked to "demonstrated competency and achievement" to improve teaching standards.
Using a mean average, some £7,800 a year is being paid in a public sector pension compared with £7,467 for a private sector salary-linked pension.
For example, the public sector frequently depends on non-state actors to attract and retain health workers (e.g. salaries linked to donor financing), while non-state employers such as NGOs use high salaries to attract public health workers to serve priority areas.
A percentage of my salary is linked to beating targets which is not in the public service ethos.
The newspaper, citing anonymous sources close to the negotiations, said the agreement will feature a hard salary cap linked to 54% of league revenue, a 24% rollback of existing contracts and qualifying offers.
They argued that (1) the criteria for voucher eligibility should be set at a reasonable level, (2) full-day service is disadvantaged in comparison to half-day service, (3) a salary mechanism linking the qualification upgrade is needed, and (4) guidelines for parents in choosing service providers should be provided.
The deal featured a hard salary cap, linked to a fixed percentage of league revenues, a 24% rollback on salaries, and unrestricted free agency beginning after seven years of service.
However, the platform for interprofessional working demands both an accepted salary structure linked to a career path, and the building in of top-up incentives such as those doctors currently receive through the PIP.
