BP CEO Tony Hayward will begin to collect a $930,000 (£600,000) pension immediately upon stepping down in October. BBC reports:

BP pension scheme rules say that those who joined before April 2006 can take the pension at any point from age 50. Mr Hayward is 53.
He will also receive a year’s salary plus benefits worth more than £1m.
Mr Hayward’s pension pot is valued at about £11m and he will keep his rights to shares under a long-term performance scheme which could – depending on BP’s stock market recovery – eventually be worth several million pounds.
Our business editor said that because Mr Hayward was leaving by mutual agreement rather than being sacked, the BP board felt it had “to honour the terms of its contract with him”.
He will be replaced by American colleague Bob Dudley, the BBC understands, though no formal announcement has yet been made.
Mr Dudley, who is in charge of the Gulf of Mexico clean-up operation, was the former chief of the BP-TNK joint venture, but was forced to leave Russia in 2008 amid a dispute with shareholders.

It is also reported that Hayward could stay on in a consultant role at BP’s joint venture with Russia.