EXHIBIT 10.12

    INDIVIDUAL PENSION AGREEMENT FOR A. E. PETERSEN


    The State Street Boston Corporation (the "Bank") maintains the State Street
Boston Retirement Plan ("Retirement Plan").  The bank also maintains the
Supplemental Executive Retirement Plan ("SERP"), as amended from time to time,
which establishes the retirement benefit you are eligible for as a supplement
to the benefit you are entitled to under the terms of the Retirement Plan. 
Nothing herein shall modify or amend any benefit or supplemental benefit
payable under the Retirement Plan or SERP and nothing herein shall act to
modify any term of the Retirement Plan or SERP.

With effect from August 1, 1991, State Street Boston Corporation agrees to
provide you with an additional benefit in accordance with the terms of this
letter:

1.  AMOUNT OF ADDITIONAL BENEFIT.  The benefit shall be calculated as if a
contribution had been made to the Retirement Plan in the following percentages
of your Base Compensation under the Retirement Plan:

    Additional Pension Contribution 
           Year                As a Percent of Base Compensation
            1                               5.00%
    Each Subsequent Year                    2.50%

For purposes of this calculation, a year shall have the same meaning as a Year
of Service under the Retirement Plan, provided that 1991 shall be considered a
year notwithstanding any term of the Retirement Plan.

Further for purposes of this calculation, your Base Compensation shall be
calculated in accordance with the terms of the Retirement Plan, but
notwithstanding any limitation on includible compensation or maximum benefit
accruals imposed by the Internal Revenue Code upon qualified plans.

2.  FORM AND PAYMENT OF BENEFIT.  The benefit provided for in this Agreement
will be payable at the same time and in the same form as benefit payments from
the Retirement Plan.  Your election as to the form and commencement of your
Retirement Plan benefit shall automatically apply to the payment of any benefit
hereunder.  Any consent or waiver effected by you or your spouse under any
provision of the Retirement Plan will automatically operate as a consent or
waiver to benefits hereunder.

3.  NON-ASSIGNMENT.  The right to benefits hereunder shall not be assignable
and neither you, your spouse or any designated beneficiary under the Retirement
Plan shall be entitled to have such benefits made or commuted otherwise than in
accordance with Section 2.

4.  VESTING.  Your benefits hereunder shall vest fully on August 1, 1996 or
such later date upon which you will have completed five Years of Service as
such term is defined in the Retirement Plan.  Thereafter, all accruals shall
vest immediately.

5.  MISCELLANEOUS.  This agreement does not create a trust or require current
funding.  This Agreement can be amended at any time by mutual written agreement
between you and the Bank.  This agreement shall be governed according to the
laws of the Commonwealth of Massachusetts and you agree to bring any action
related hereto in a court sitting in the Commonwealth.



                   State Street Boston Corporation



              By:  K. D. Stuart                             4/5/92
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                   K. D. Stuart, S.V.P.                      Date
                   Human Resources, its Authorized
                   Representative


                   Albert E. Petersen
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                   Albert E. Petersen                        Date