Lord Myners under pressure as RBS pension saga rolls on
Treasury Minister Lord Myners is today under serious pressure after a letter from former Royal Bank of Scotland chairman Sir Tom McKillop flatly contradicted the minister's recollection of Sir Fred Goodwin's pension agreement. There seems to be some confusion as to whether Lord Myners was informed of the size of the pension fund and the impact which early retirement would have. In an earlier discussion with the Treasury select committee Lord Myners suggested he was unaware of the exact size of the fund and the fact that early retirement was "a discretionary agreement".
This version of events has prompted a furious backlash from former Royal Bank of Scotland chairman Sir Tom McKillop who has detailed how he recalls the events leading up to the pension arrangement being put in place. He is adamant that Lord Myners was made aware of the nature of the agreement, the potential size of the pension fund and he also disagrees with the assertion that this was a discretionary arrangement.
There have been calls from the Treasury select committee for Lord Myners to consider his position with the government although it has to be said the situation is still shrouded in mystery. This is a saga which goes on and on and has not finished yet.
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