PSA to Reduce Executive Pension Benefits

PSA Peugeot Citroen confirms it will reduce future pension benefits for top executives following public criticism that the packages have been too rich.

Les Echos reports that a new formula will cut the pool for executive pensions to €16 million for 2013 compared with €70 million dispensed in 2012. PSA declined to comment on those amounts.

Reuters notes that controversy over PSA's benefits program arose last November, prompting former CEO Philippe Varin to reject the €21 million allocated for his pension package.