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Confusion reigns over Myners’ involvement in Goodwin pension scandal

Lord Myners has refuted claims that he misled MPs over the former RBS chief executive Sir Fred Goodwin’s pension scandal.

Two weeks ago, Myners told the Treasury Select Committee members that he knew Goodwin’s pension was to be “enormous” but said that he did not know that Goodwin was going to take his full, undiscounted pension which totalled over £700,000 a year, for life.

But Myners appeared to contradict himself in the same meeting and did not answer the direct questions of MPs Andrew Tyrie and committee vice-chairman Michael Fallon.

When asked by Fallon whether he knew how much Goodwin would be receiving, Myners said: “I was not told Sir Fred’s pension had been doubled in value by the remuneration committee.” Then, when asked by Tyrie whether he asked the size, he said: “No, I did not”.

“Did you not ask roughly how much [the pension would be]?” asked Tyrie again.

“I did not ask roughly how much,” replied Myners.

But reports in several national newspapers now suggest that former chairman Sir Tom McKillop will be writing to McFall, informing him that Myners did in fact know that Goodwin would be receiving a £700,000 a year pension from RBS.

In the Times last week, member Andrew Tyrie said: “If it were to transpire that Lord Myners has misled the committee on such a crucial point, in my view his position would be untenable.”

Now, in a letter to Treasury Select Committee chairman John McFall, Myners says he “clearly did tell the committee that [he] knew the value of the pension”.

“I have been consistent and clear about this matter and am therefore keen to see any statements to the contrary,” he says.

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