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The Credit Cruncher was conceived to help you to keep up to date with credit crunch and recession developments, it provides some helpful credit crunch advice and it addresses personal debt. The Credit Cruncher also seeks to explain how the credit crunch started and shed some light on the worldwide recession. Recently, we have begun to look at how BREXIT will affect the UK economy. Please feel free to leave comments where relevant.

3 Apr 2009

Sir Fred is 'considering' pension cut

RBS have announced that Sir Fred Goodwin is considering a cut in his proposed pension of £703,00 - perhaps he has realised that he can survive on a little less??
This is probably part of the inevitable negotiations after the Government announced it was prepared to legislate to remove or reduce his pension. I would not see this so much as a nod towards public opinion as acknowledgment that coming to the negotiating table will probably result in more cash for him than if he flatly refuses.
I guess that in the meantime he has been getting £14,000 a week and realised how difficult it is to spend that sort of cash when you are a 50 year old pensioner...!
It's also worth noting that RBS are about to hold an AGM and a lot of angry shareholders plan to disrupt proceedings in protest at Fred's pension. I imagine that Chairman Sir Philip Hampton is having to plead with Sir Fred to throw them a few crumbs to prevent the board from being lynched in Edinburgh.
Reports from other sources have claimed that although Sir Philip has reported that Sir Fred is 'considering' a cut in the pension, he is actually doing no such thing and will cling to his 'entitlement' come what may.
Personally I would pay to see these 'knights of the realm' sort the problem out in a befitting manner, preferably jousting or hand-to-hand combat - either that or give up the knighthood - I would love to hear reader's comments - please feel free to comment below..

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