BBC business editor Robert Peston said that such a pension was "bound to be hugely controversial." In addition, Hayward will get a year's salary plus benefits worth more than $1 million, according to the BBC.
Hayward was able to retain the pension because he was leaving the company by mutual agreement rather than being fired, and BP wanted to honor its contract.
The BP oil spill began when the Deepwater Horizon rig in the Gulf of Mexico exploded and sank on April 20 killing 11 workers. As a result, more than 150 million gallons of oil were spilled, making it the largest oil spill in the Gulf of Mexico's history.
The spill impacted more than those in the Gulf area - it also hurt the pension plans of many BP employees, as part of the plan was invested in the company's stock, which has been down since the oil spill began.