Maybe a bit off-thread, but don't you also have to salute a VC holder, regardless of the holder's rank?
Nope, although I would have no problem doing so. It is not required by QRs or the Warrant. I think you may be confusing this custom with the Americans saluting holders of the Congressional Medal of Honor. VC holders do get a pension of £1300 per annum
BTW I saluted an Army Captain a few weeks ago as was riding past on a bike. Bless him, he actually sat up with arms straight to return the compliment.