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RBS deputy Pell to pocket bigger pension than Sir Fred

Outgoing Royal Bank of Scotland deputy chief executive Gordon Pell is walking away with a bigger pension than former boss Sir Fred Goodwin, according to the Times.

Disgraced Goodwin bowed to pressure last year agreeing to sacrifice £4.7m of his £17m pension after a public backlash. The newspaper says the value of Pell’s pension soared to £13.58m in 2009, after increasing £3.75m during the year.

Pell has spent 39 years in banking and joined NatWest in 2000 before RBS’ hostile bid. He will draw £582,000 a year from the bank while Goodwin will receive £342,500 a year rather than the £555,000 agreed previously.



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There are 8 comments at the moment, we would love to hear your opinion too.

  1. as with most retirement planning, it’s all about the timing…

  2. The mainstream press will latch on to this as usual and create a fuss, but I bet they don’t point out what his Special Annual Allowance Charge will be, or the tax revenue the Treasury will get from his pension income.

    It’ll be all about misinformed headlines as usual.

  3. Pell to retire on 25 x average earnings after such a banking debacle?! That does it; I give up on RBS – I am closing my account this year. In future it can fund its profligacy without using my deposits.

  4. Yet again the fattest fat cats get to retire with all the plush and luxury; these pensions should have been cut as soon as the public bailed the incompetent buffoons who caused all this trouble. I’m not saying leave them penniless but lets see how they would get on with a normal final salary of say someone earning 60k a year with a final salary scheme, lets face it they are not worth any more than that.

    There is all this debate to the best banker leaving if they don’t pay them huge bonuses, ok lets call their bluff, no bonuses and they can piss off. On past performance, which is a guide in this case, I could get some lint of the crack of my ass to perform better as a banker. Trading in toxic debt indeed. I’m furious, In fact get shred back and get him in jail the thieving git. The difference between what the girl who was stealing from pensions and fred was only the scale of the crime

  5. Gillian Timpmore 19th March 2010 at 4:36 pm

    typical fatcat – hell awaits those who cheat and swindle even if they try and do it in an “honest” way

  6. I suppose the rest of the old boy banking network would approve of his massive golden parachute, massive payoff for the country club elite again!

  7. Craig Mcmcgowan 22nd March 2010 at 3:06 pm

    I dont know if Fatcattery is an actual word but i think it should be used in all cases of greed based buffoonery with these golden parachutes

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