Buried deep in the Ministry of Defence’s latest accounts is the startling fact that Richards has amassed a retirement hoard worth £4 million.
It is thought to be the largest sum ever racked up by a public servant and is likely to raise eyebrows at a time when the Army has been forced to sell off its crown jewels such as the Old War Office in an effort to raise money.
The pot, which stood at £3.99 million last March, includes a lump sum payout of up to £445,000.
The accounts state that he receives a gold-plated annual pension as high as £150,000 before tax. However, a source says that due to Coalition tax changes, his pension will now be £117,107.
The reason that pension has such a high value is that it’s likely to be paid out for a long time. He’s 62. Actuarially, that’s going to be paid for 20-25 years.
Also, interest rates are currently low so that actuarial value of the lump sum that equals such an income is high.
Bit of a non-story really.