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Myners defends his role in Goodwin pension scandal

City minister Lord Myners has defended his role in the ongoing scandal over former RBS chief executive Sir Fred Goodwin’s £650,000 a year pension.

In the House of Lords yesterday Lord Myners said: “I did not endorse the pension of Sir Fred Goodwin. In fact I have taken action, as a point of honour and decency, to make a significant gesture in forgoing his pension.

“It is not incumbent of ministers to seek to break legal agreements.”

Myners assured peers that he had not been told how much Goodwin would be receiving, but said he knew it was a “large sum”. He said: “I was assured the pension arrangement for Sir Fred Goodwin reflected 30 years of service.”

On this morning’s BBC Today Programme, Treasury Select Committee chairman John McFall MP said that the decision is down to Goodwin as to whether he hands back some or all of his pension, which will earn him around £18,000 a week for the rest of his life.

McFall said: “It is not Parliament’s job to interfere, especially in one person’s pension. Parliament doesn’t have a role in taking anyone’s pension, final.

“What is required now is clarity to take this forward and put it to bed.”


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Skandia is to develop its PriceWatch platform into a full analysis tool using an independent consultant following concerns among rival platforms over its impartiality and scope.


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