Retiring teachers receive a retirement payment in excess of $10,000 including paid unused sick days.

The government, however, faces huge costs in reducing the numbers of highly paid bosses, because many are entitled to additional early retirement payments.

Dividends are particularly important for pension funds, which rely on the income stream to make retirement payments, and to small investors.

The company has promised them 3.38 billion of retirement payments, but the pension schemes have assets of only 2.57 billion.

Their retirement payments are likely to be limited to a maximum of 34,000.