Ed Clark, president and CEO of TD Bank Financial Group, will receive a $2.5-million annual pension once he retires.
According to the bank’s proxy circular, his employment arrangements provide for a lifetime pension that is inclusive of benefits earned at Canada Trust’s parent company, CT Financial Services. He joined TD when the company purchased CT Financial Services in 2000.
“Upon retirement, Mr. Clark’s pension will provide a lifetime annual pension of $2.4885 million and will continue unreduced to Mr. Clark’s surviving spouse for her lifetime following his death,” states the proxy circular.
The lifetime pension was determined using the annual average of his highest consecutive 36 months’ salary and a percentage that became fixed in October 2010.
Last year, Clark announced his intention to retire as president and CEO of TD effective Nov. 1, 2014, at age 67. He will be succeeded by Bharat Masrani, currently the bank’s chief operating officer.