Sir Fred Goodwin’s pension climbdown

June 18, 2009

Former Royal Bank of Scotland chief Sir Fred Goodwin has agreed to more than halve his widely criticised 703,000-pound pension award.

He will now only receive an annual payout of 342,000 pounds.

Chairman Philip Hampton said: “I am pleased that common sense has now prevailed and I hope that most reasonable people will welcome that.”

Do you?


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“There will be no reward for failure (unless you’re a banker, public sector manager or politician)”G Brown, standing amidst the wreckage of the UK economy, 2008.

Posted by Jason | Report as abusive

Common sense might have prevailed but lets be honest if the country wasn’t in this state to begin with would anyone of bothered with Sir Fred’s massive Pension? I very much doubt it.Nobody seems to bother when grossly over paid football players have a bad day on the pitch. I don’t hear anyone asking for there salary to be halved. His pension was agreed by the “big wigs” i certainly wouldn’t of backed down.

Posted by M. Lauffer | Report as abusive

However envious we all feel that Fred is getting approx 30,000 a month, the blame lies with those who authorised it……Gordon & friends. Don’t blame Fred, blame Gordon !!’Sir’ Fred is getting what most of us can only dream about…..he’s been pensioned off early very generously & who can blame him??

Posted by A R | Report as abusive

To be honest, I think it would have been better to let it stand, as a permanent reminder to other banks that questionable behaviour by their remuneration committee tends to look really bad when it’s printed in 144 point headlines on all the tabloids at once.

Posted by Ian Kemmish | Report as abusive

The case against him had very little merit. I would have stuck to my guns. They should have known how to negotiate and write a better contract. Their problem, not his.

Posted by Matthew | Report as abusive

I still find it incredible that this guy walked away with shed loads of money after destroying a bank. He showed no shame ,just arrogance and the mentality of someone who is used to getting his own way and expected to do so again. Why has he got a penny out of this? The “climbdown” over his pension contributions noted by the present director Philip Hampton also shows a complete lack of understanding at how we, the public, view this whole business. Good old freddie removed 2.7 million out and has invested it elsewhere before making this gesture, and has voluntarily offered to reduce his pension from £552,000 to £342,000. Big deal !!! He shouldn’t have had a penny!!! Now what part of that does he or the cronies in the banking system not understand!! I don’t think it’s the gov. or the bank that can take any credit for freddies small gesture-it’s the pressure he and his family have felt at him being seen as a social pariah.He’s wrecked the banking system and the backlash has had an effect on his own family.Well if he didn’t see that one coming he must have the hide of a rhino!! He’s been rejected by the local golf club ,people have been unpleasant to his family, eggs thrown at his house etc and he stands there in disbelief not understanding what all the fuss is about.I heard on the news he felt like he had something more to offer the country-lol,I think one freddie goodwin is one too many. Perhaps we should send him to Iran or North Korea as a human version of a tacticle nuclear bomb. He’s certainly more effective and far more devastating to a country.

Posted by d.wardle | Report as abusive

Ok, D. Wardie calm down it’s obvious you took a lot of time and really thought about what you were going to say but lets put it this way, if you ever got a job in that sort of position and managed to negotiate a contract like the one fred did then fair play to you. And as you mentioned fred has got a FAMILY so the contract he had was taking that strongly into consideration. Do you really think he meant to drive the bank into that kind of situation. And if that happened to you are you trying to tell me that you would quite happily surrender your families future. I really don’t think so. I understand what your saying and that your angry at whats happened but honestly your angry at the wrong person/people. You should be aiming your critisim at the idiots that thought a contract like that is fair.

Posted by Melville | Report as abusive

Good old Fred!!The incompetent fools who allowed him to get away with the pension in the first place are now off the hook and Fred gets to enjoy the spoils in peace.Who said he was a wrecker? The guy’s a master of win-win negotiation!! Too bad about the taxpayers, but they’re used to being screwed by the gang in Westminster so what’s another few million here or there?

Posted by Andy | Report as abusive