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Sir Fred Goodwin retires on £650,000 a year

There has been dismay in the Houses of Parliament at the revelation that Sir Fred Goodwin, the former chief executive of Royal Bank of Scotland, is already drawing his £650,000 a year pension despite the fact he is only 50 years old. This pension payment is funded by a £16 million pension pot which has been regulated during his time in the banking industry. While the Labour government has vowed to clean up the banking industry in the UK there is surprise they did not know of Sir Fred Goodwin's pension arrangements prior to taking majority control of the ailing UK bank.

At the moment it seems as though it is literally one step forward and two steps back for the UK government with more alarming revelations revealed each day with regards to the UK banking sector, pensions and bonuses. While the board of Royal Bank of Scotland's has taken legal advice on the situation regarding Sir Fred Goodwin's pension the government has vowed to claw back as much as possible for taxpayers.

In reality the pension has been agreed, is in payment and there is very little the government is likely to be able to do from a legal standpoint.

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