Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Latest NewsPay & benefitsPensions

Fred Goodwin bows to pressure to cut his pension by £200,000 a year

by Guy Logan 18 Jun 2009
by Guy Logan 18 Jun 2009

Former Royal Bank of Scotland (RBS) boss Fred Goodwin has bowed to pressure to cut his highly controversial pension by more than £200,000 per year, it has been reported.

The voluntary reduction would reduce the value of Goodwin’s pension pot by at least £4m, although he would still receive a pension of roughly £350,000 per year. The offer to cut his pension came after RBS threatened Goodwin with legal action.

According to Sky News, the government will announce a deal to accept a cut in the value of the pension soon.

However, the deal would still leave Goodwin with a bigger pension than he would have received if he had been dismissed instead of leaving on agreed terms. It is therefore likely to attract criticism for not going far enough.

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

OptOut
This field is for validation purposes and should be left unchanged.

Goodwin did a deal with RBS in October 2008 that allowed him to receive a pension worth £703,000 a year.

City minister Lord Myners has been criticised for enabling Goodwin to receive rewards for his failure at the bank, which was bailed out by the government.

Guy Logan

previous post
BA staff work for free: selling the unsellable
next post
Higher education HR improvements yield recession results

You may also like

Sighing in frustration at colleague was discriminatory, judge...

23 May 2025

Unions ponder strike action after public sector pay...

23 May 2025

Six ways to kickstart conversations about team stress...

23 May 2025

Fire and rehire: the relocation question

22 May 2025

Public sector workers gain pay rises of up...

22 May 2025

UK net migration slashed by half in one...

22 May 2025

How neuroscience can unlock employee recognition

22 May 2025

UK universities fret over fall in international students

22 May 2025

HSBC employees warned of office attendance link to...

22 May 2025

The Law Society: Navigating the new world of...

22 May 2025

  • 2025 Employee Communications Report PROMOTED | HR and leadership...Read more
  • The Majority of Employees Have Their Eyes on Their Next Move PROMOTED | A staggering 65%...Read more
  • Prioritising performance management: Strategies for success (webinar) WEBINAR | In today’s fast-paced...Read more
  • Self-Leadership: The Key to Successful Organisations PROMOTED | Eletive is helping businesses...Read more
  • Retaining Female Talent: Four Ways to Reduce Workplace Drop Out PROMOTED | International Women’s Day...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2025

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2025 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+