RBS pension cuts for 60,000 make Goodwin’s pay-off still harder to swallow - Carmichael

"This will doubtless be bad news for many employees in Scotland, and makes the Government's inability to stop Goodwin's substantial pay-off all the more difficult to swallow," said the Liberal Democrat Shadow Scotland Secretary. Commenting on the news that RBS is to cap increases in the pensions of over 60,000 workers, Alistair Carmichael said:

“Considering Fred Goodwin managed to get away with much of his massive pension despite his catastrophic management of what was the UK’s largest bank, it seems a little tough that it is those whose jobs he endangered who have to make savings.

“It is right that a state-owned bank such as RBS should look at what savings it can make. But any belt-tightening should start at the top.

“This will doubtless be bad news for many employees in Scotland, and makes the Government's inability to stop Goodwin's substantial pay-off all the more difficult to swallow.”