Pension sting

The Bank of Portugal delivered a bitter blow to former BES administrators this week – all of whom were expecting their million-euro pensions to be paid by Novo Banco. Novo Banco has a €13 million cushion ‘tucked away’ for the purpose – but BdP has said the payments should come out of BES – the “bad bank” holding toxic debts. In other words, it could well be a case of “bye bye pension plan…”