Outgoing governor Sir Mervyn’s pension fears seem a little rich

LEAVING the Bank of England after so long is hard for Sir Mervyn King.

Speaking yesterday, King started to sound like one of us, subject to the whims of central bankers: “I have great sympathy with those who rely on savings. As a pensioner myself – I have recently acquired that status – you can see why I am concerned.”

The rest of the Bank evidently shares King’s concern. A body devoted to limiting inflation has been hedging its own pension bets for years – quite sensibly, given the MPC’s inability to meet its targets. The Bank’s pension fund is 94.7 per cent invested in index-linked gilts and other index-linked securities. What a relief for King, whose pension pot was worth £5.3m in 2009, when last disclosed.

■ Online entrepreneur and co-founder of the website lastminute.com Lady (Martha) Lane-Fox was giving the scoop on her digital success at one of Ben & Jerry’s business workshops this week. Lane-Fox recounted the tale of her first meeting with Gordon Brown. Sitting next to Brown at a Chequers lunch, she grilled the then Prime Minister on his favourite karaoke song – which turned out to be Love Me Do by The Beatles.
“Not many people around the country might be feeling that” was Lane-Fox’s instant response. Cue polite laughter.

■ Just over four weeks to go now until a team of brave runners from City A.M. take part in the Gherkin Challenge on 23 June. Sprinting up the steps with our finest in-house athletes will be hundreds of other City fitties. However, the race up the 38 floors to the top of 30 St Mary Axe is already proving to be a dramatic affair. The City A.M. team are temporarily a man down after a dislocated shoulder took out one team member during a rigorous office training session. Brings a whole new meaning to the mantra no pain, no gain. Money raised from the climb goes to children’s charity NSPCC: www.gherkinchallenge.org.uk