Ex-RBS chief under fire for £16m pension as bank posts record losses

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The Government has asked the former chief executive of Royal Bank of Scotland, Sir Fred Goodwin, to forgo some of his pension, reports the BBC.

Chancellor Alistair Darling told the BBC of the government's approach after it emerged that Sir Fred is drawing a pension of £650,000 a year. Although he is only 50, he is entitled to the payment for life, with a pension pot worth £16m. "You cannot justify these excesses," Mr Darling told the BBC's Today programme. "We've got the lawyers looking at this, but I do think that on a voluntary basis, actually, Sir Fred could resolve this problem and he could do it quite quickly." Darling told the BBC: "At my request, my ministerial colleague, Lord Myners, spoke to Sir Fred [on Wednesday] a...

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