How much do you earn? Would you like to retire on a guaranteed pension of £124,196, that is nearly six times the average salary of a worker in the UK? To enjoy this, as exemplified by the ACCA chief executive, you don’t need any accountancy qualification and certainly don’t need to be an ACCA member.

The ACCA chief executive, if she were to retire today (will she ever go?), will receive a pension of £124,196. During 2001, she raked in a salary of £192,064 (compared to £165,892 in 2000). That is an increase of nearly 16% when the rate of inflation in the UK is around 2%. ACCA members had no say in any of this but will be forced to pick up the bill.

If ACCA fully complied with FRS17, its accounts would be hit by liability of  £5.8 million. Are you ready for this?