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Tony Hayward will be able to draw a pension of around 600 thousand pounds a year from the moment he leaves the company on October 1st. This is his contractual entitlement under BP's pension scheme.
The scheme allows employees who signed for the pension before April 6th, 2006 to take the pension at any point from age 50. 53-year-old Hayward is not being sacked but is leaving by mutual agreement. Accordingly, he'll receive a year's salary plus benefits. That's worth more than 1 million pounds.