All three executive directors of Standard Life saw their remuneration fall last year, when the life assurer suffered a drop in sales but reported a surprisingly strong capital position.

The total package earned by Sir Sandy Crombie, chief executive, fell from £1.64m ($2.4m) in 2007 to £1.39m. However, this meant he earned more than Keith Skeoch, chief executive of Standard Life Investments, whose package dipped from £1.75m in the previous year to £1.34m.