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RBS has no record of specific questions by Myners on Goodwin’s pension

Royal Bank of Scotland says it has no record of any specific questions posed by City minister Lord Myners over the terms of Sir Fred Goodwin’s pension.

In written evidence to the Treasury select committee, RBS group general counsel and secretary Miller McLean reveals that Goodwin’s pension would have been £416,000 per annum if he had been dismissed by the board rather than granted early retirement.

As a result of being given early retirement, the current value of Goodwin’s pension is £703,000 per annum.

McLean reveals that the terms of Goodwin’s pension were in the public domain as the company accounts set out the terms for all executives leaving the company and Goodwin’s pension terms do not seem to be any different to these.

The letter also revealed that the compromise agreement sealing the terms of Goodwin’s departure were signed at 3am on October 13 last year by RBS non-executives.

The RBS directors who negotiated the agreement with Goodwin included former chairman Sir Tom McKillop, independent director Bob Scott, human resources director Neil Roden.

McLean writes that Lord Myners was told McKillop’s pension pot would be in the region of £15-£20m, but no alternative terms were proposed to the Myners.


Bank drops rate to 0.5%, set to print £75bn

The Bank of England has reduced the Base Rate by 0.5 per cent to a record low just 0.5 per cent as it reveals it will begin printing £75bn in new money.

Why the FSA won’t hold fire on RDR

There are just a few fairly significant problems with trying to persuade the FSA to hold fire on the RDR:1: The FSA appears to be entirely unaffected by the economic downturn for the simple reason that its income is entirely unrelated to what is happening in the real world of commerce. How nice if the rest of us could raise what we want simply by compulsory levies.2: The FSA has no idea just how much up-front work an IFA has to do to get a new client on board. We could charge fees but so much damage has been done to the reputation of the industry that hardly anyone is prepared to pay for what they perceive to be nothing more than being steered in the direction of whatever product best suits the pocket of the IFA.3: The FSA has a proven and documented history of only very limited preparedness to take note of representations from the industry.


Guide: day-to-day tasks ​— can your system manage?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. As well as highlighting what is required from a system to ensure it is up to the tasks, an overview of the following is also provided: data validation; data categorisation; employee communication; opt-in process; opt-out process; produce contribution schedule; contribution reconciliation process; upload of member data to pension provider; upload contribution to pension provider; manage salary sacrifice process; enrolment process; re-enrolment process; and management of increased employee queries.


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