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Is there still an elitist system at the Royal Bank of Scotland?

Today's announced that Royal Bank of Scotland will effectively be downgrading the company's final salary scheme and capping pension payments in the future has led to claims there is still very much an "us and them" system at the bank. While the everyday workers at Royal Bank of Scotland are set to lose out on their future pension payments, the new crop of directors parachuted in by the UK government are enjoying share allocations which could potentially make their millions upon millions of pounds.

Despite the fact that directors of some of the U.K.'s largest banks have been blamed for the ongoing UK recession they seem to be the ones who are benefiting from the upturn while the everyday workers see their incomes slashed to save costs. Surely Stephen Hester, the new chief executive of Royal Bank of Scotland, should consider slashing benefits in the boardroom as a sign that everybody in the group will suffer in the downturn and benefit in the upturn?

No matter how the various banking directors put it, there is still very much an "us and them" system in UK banking arena with directors sharing in the good times and everyday workers suffering in the bad times.

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