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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | March 2009 (10 blogs) | Myners strike
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Lord Myners today sat facing the Treasury Select Committee and was questioned about Sir Fred Goodwin’s pension. It was fascinating stuff and The Times published a live blog so you can read what was said.
BBC reports quickly picked up on several main points:
'Lord Myners said he had been "very clear" with RBS and the other banks that there should be "no rewards for failure" and that payments for departing directors should be minimised.
He added that it was "beyond my comprehension" that RBS directors had not exercised their discretion to reduce Sir Fred's pension. "Someone at RBS took the decision to treat him [Sir Fred] more favourably than required," said Lord Myners.
Lord Myners said RBS was wrong to think it had no choice but to give Sir Fred his full pension from the age of 50, because this arrangement should only have been available to employees voluntarily retiring early.'
Seems like this story has much more to come. See:
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Mike Jones, MyCompanyPension.co.uk Ltd, March 17th 2009
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