QE boosts Bank of England deputies' pension pots Charlie Bean, 59, and Paul Tucker, 54, the two Deputy Governors, saw the value of their final salary pension pots rise by £1.04m and £1.35m respectively last year due mainly to a fall in gilt yields. For Mr Tucker, it meant his pension pot increased by 37pc to £5m, while Mr Bean's leaped 41pc to £3.56m. Bank sources said the largest part of the increase was due to the sharp fall in gilt yields, for which the Bank has in the past been proud to take credit. Its own analysis has estimated that QE "depressed gilt yields by around 100 basis points [one percentage point]," which in turn helped boost economic growth by up to 2pc. Although the increases in the two pension pots look large, the Bank will not have to plough money into the scheme because it is also almost exclusively invested in gilts. As the flip side of falling gilt yields is rising gilt prices, the assets in the pension scheme have risen by an equivalent amount. However, the scale of valuation changes illustrates the vast cost for companies of falling gilt yields on final salary schemes. Mr Bean's £1.04m top-up only increased his annual pension by £12,700 to £101,900, while Mr Tucker's £1.35m only paid for an extra £9,400, lifting his annual retirement pay to £142,000. Ros Altmann, director general of Saga, has been urging the Bank to consider QE's effect on pensioners and companies . As few companies are fully invested in gilts, companies are having to increase contributions to top up their schemes. On the other hand, anyone retiring who is not in a final salary scheme has found that their pension pot does not buy them as generous an annuity as expected. "QE has forced firms to fund their pension schemes and forced over a million pensioners to buy much lower retirement incomes," Ms Altmann said last week. Through its impact on pensions and pension funds, QE has actually damaged growth. The Bank has an extremely generous pension scheme, which pays the Governor and his deputies two-thirds of their salary after just 20 years service. Sir Mervyn King, the Governor, has already earned his fuill entitlement and will receive about £200,000 a year after he leaves next June. Staff not in the final salary pension scheme can choose either a career average scheme or to take a supplementary annual payment of 30pc of salary. Pay across the Bank has been frozen until March 2013. The Bank's annual report also showed that the cost of creating the new Prudential Regulatory Authority will total an estimated £100m. However, it expects to recover the funds from the financial services industry through annual levies once the PRA is up and running next year.