Four executives at Irish Life received a 21 per cent pay rise last year between them for the second successive year, sharing a total remuneration package of £1.27 million.

The package, which includes pensions, bonuses and other benefits, compares with a total payment of £1.05 million in 1996, following a similar increase. The company's annual report shows that Irish Life's US-based director, Mr Ron Butkiewicz, received the biggest single payment of £541,000, up 41 per cent on the previous year. He also shared additional pension contribution of £1.4 million with Irish chief executive, Ms Jean Wood. The company stated that the cost of Mr Butkiewicz's pension has been partially offset by the cancellation of a long-term incentive arrangement he had with the company.

The report also shows that Irish Life made a payment of £267,000 to former director, Mr Peter Fulham, who stepped down from his role last year. In addition, Mr Fulham received an additional pension contribution of £63,992 from the company. He also exercised his share options which formed part of the director's remuneration incentive scheme, realising a further £181,765.

Total salaries paid to the four executives, former managing director, Mr David Kingston, Ms Wood, Mr Butkiewicz and Mr Fullam, increased by 14.3 per cent, from, £732,000 to £837,000. Benefit in kind payments to these directors dropped from £30,000 in 1996 to £27,000. But annual bonus payments increased from £198,000 to £255,000. Other remuneration also increased substantially, up from £15,000 to £61,000.

The three Irish directors earned an average of £213,000 each, according to the report.

Irish Life's seven non-executive directors shared fees of £190,000 last year, down from £276,000 in 1996, with their numbers down from nine.

Irish Life's executive team is set to change significantly. Mr David Went has now succeeded Mr Kingston, taking over as group managing director, while Ms Wood, who joined Irish Life five years ago, is also due to retire next month.