Under-fire RBS chairman offers to reduce pension

Royal Bank of Scotland today said former boss Fred Goodwin had volunteered a “substantial reduction” to his controversial pension.

Goodwin’s annual payout will fall from £555,000 (€646,762) to £342,500 (€399,128) a year, after his pension pot is cut by £4.7m (€5.47m).

Despite leading the bank to the brink of disaster, his overall pension package was worth £703,000 (€819,178)-a-year, but Goodwin has already taken out a lump sum of £2.7m (€3.15m).