Standard Life hands over £2m to Skeoch

Updated: 15:30 EST, 1 April 2010

Standard Life paid investments boss Keith Skeoch more than £2m last year, but dismissed the notion that it does not practice the pay restraint it has been preaching.

Skeoch, who runs Standard Life Investments, pulled in basic pay of £350,000, as well as a bonus of more than £1.65m.

He also enjoys a pension pot worth £660,000.

A spokesman for Standard Life (up 2.7p to 203p) said the payout was not hypocritical, despite Skeoch's criticism of a £6m pay package for Eric Daniels, chief executive of Lloyds Banking Group, in which Standard Life is a major shareholder.

Chief executive Sir Sandy Crombie, who steps down this year, earned £1.76m in pay and bonuses and also transferred company pension entitlements worth £10.3m into his own managed pension.

His successor as chief executive - David Nish - earned £1.19m, but will increase his base salary of £525,000 to £700,000 when he takes up the role later this year.