The prospect of poor pay could send people who have experienced past recessions into early retirement, claims a new survey.

The survey, from human capital consultancy Watson Wyatt, shows that 31% of FTSE100 chief executives and 27% of FTSE100 executive directors over the age of 55 see no prospect of a payout from their incentive plans for several years.

Many chief executives already feel they are working for nothing as the survey also shows that 42% of participating companies require their chief executives to hold 200% of their salary in the form of shares.

Sue Bartlett, a senior reward consultant at Watson Wyatt, said: “The prospect facing executives is of several years of working much harder for far less reward. Some of the most ‘recession-tested’ and experienced hands may be tempted to call it a day just when shareholders need them most. Companies need to think carefully about how to avoid this affecting their ability to recover quickly.”