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Sir Fred looks forward to old age

Sir Fred Goodwin has indicated to the government that he is unwilling to give up any of his rumoured £16 million pension pot which is estimated to be producing a pension in the region of £650,000 per year. The pension arrangements were rubberstamped by the UK authorities back in October although the government is now claiming it was "misinformed" about the structure and size of Sir Goodwin's pension arrangements. So is Sir Fred Goodwin right to refuse the government's request for a reduction?

While this controversy is set to go on for some time the fact is that the UK government did rubberstamped his pension fund arrangements in October and knew full well the size of his pension pot and the potential pension which this would produce. Now that the figures have become public knowledge it looks as though the Treasury is trying to backtrack on the arrangements seeking "legal advice" on its position. The fact is that the pension arrangement was signed off by the government and there is little likelihood of any legal recourse for the authorities.

The government has now instigated a concerted effort to "embarrass" Sir Fred into giving up part of his pension fund but he seems unwilling to give in at this early stage.

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