Pensions

Click to enlarge photo

Former RBS chief Sir Fred Goodwin is likely to hand back up to half of his controversial pension payout, says Sky business presenter Jeff Randall.

"I understand that the Government, through UKFI and the Royal Bank of Scotland, is preparing a statement saying that Sir Fred Goodwin will be making a concession on his pension, giving some of that enormous pension back," said Randall.

Randall said it was important to stress that a deal had not been done and something "could still go wrong".

But he saidRBS and Government sources were "confident" the deal would go through.

Public anger erupted when it emerged that 'Fred The Shred' was being paid £700,000 a year as part of his £16.6m pension agreement.

That anger turned into isolated acts of vandalism after Sir Fred insisted the contract be honoured.

Sir Fred is widely seen as the architect of RBS's disastrous strategy of corporate acquisitions, which led to the bank's downfall.

More follows . . .