Secure Trust Bank has announced that its newly appointed chief financial officer (CFO), Rachael Lawrence, will receive a pension contribution rate in line with its general workforce’s.

Lawrence will receive a contribution rate of 5 per cent on a base salary of £400,000 per year.

Secure Trust Bank, founded in 1952, is a British retail and commercial bank, and has agreed that Lawrence will also participate in discretionary bonus and LTIP schemes in accordance with its approved and proposed directors’ remuneration policy.

Executive pensions have faced increased scrutiny since September 2019, with the Investment Association cracking down on companies that have failed to align executive pension pay with their workforce.

The IA has told companies that they must pay all executive directors the same pension contribution levels as the majority of their workforce by the end of 2022, or risk shareholder action.

Lawrence’s pension allowance alignment follows numerous other companies, including Rolls-Royce and Sainsbury’s, taking similar action on their executives’ pensions.

Commenting on her appointment, Lawrence said: "I am delighted and excited to be joining Secure Trust Bank as CFO. I am looking forward to working with the board and the management team in its continued execution of the group's successful strategy."

She is expected to take the role on 7 September 2020, subject to regulatory approval and “satisfaction of certain other conditions”.

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