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| Version 0 | Version 1 |
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| Minister denies RBS pension role | Minister denies RBS pension role |
| (10 minutes later) | |
| Treasury Minister Lord Myners has said he "did not negotiate, settle, or approve" the £703,000 pension of departed RBS boss Sir Fred Goodwin. | Treasury Minister Lord Myners has said he "did not negotiate, settle, or approve" the £703,000 pension of departed RBS boss Sir Fred Goodwin. |
| Speaking to the Treasury Committee, Lord Myners said the decision had been made solely by the RBS board. | Speaking to the Treasury Committee, Lord Myners said the decision had been made solely by the RBS board. |
| Lord Myners said RBS directors had "consistently misdirected themselves" in assuming they could not reduce Sir Fred's pension deal. | Lord Myners said RBS directors had "consistently misdirected themselves" in assuming they could not reduce Sir Fred's pension deal. |
| Sir Fred resigned from RBS in November after it needed a government rescue. | Sir Fred resigned from RBS in November after it needed a government rescue. |
| 'Beyond comprehension' | |
| Lord Myners said he had been "very clear" with RBS and the other banks that there should be "no rewards for failure" and that payments for departing directors should be minimised. | Lord Myners said he had been "very clear" with RBS and the other banks that there should be "no rewards for failure" and that payments for departing directors should be minimised. |
| Lord Myners says the RBS board 'misdirected' itself | |
| He added that it was "beyond my comprehension" that RBS directors had not exercised their discretion to reduce Sir Fred's pension. | He added that it was "beyond my comprehension" that RBS directors had not exercised their discretion to reduce Sir Fred's pension. |
| "Someone at RBS took the decision to treat him [Sir Fred] more favourably than required," said Lord Myners. | "Someone at RBS took the decision to treat him [Sir Fred] more favourably than required," said Lord Myners. |
| Lord Myners has found himself at the centre of the storm surrounding Sir Fred's pension, as he was the government minister who advised UK banks on staff pensions and other remunerations after the sector got into increasing difficulty at the end of last year. | |
| As an expert in pension funds, he became financial services minister in October after he was elevated to the House of Lords. | |
| Sir Fred has continued to refuse to pay back some of his pension, but Myners said he was still not too late for the former bank boss to do so. | |
| "There is still the option for Sir Fred to do the right thing," said Lord Myners. |