After Sir Fred, Rbs Slashes Pensions of Ordinary Staff

Summary

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THE Royal Bank of Scotland was accused of "adding insult to injury" yesterday after it cut the pensions of 60,000 staff, despite having agreed to a GBP 342,500-a-year package for its former chief executive, Sir Fred Goodwin.

In a move designed to save the bank GBP 100 million a year, the company is to cap increases in payments to its final-salary pension scheme.

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After Sir Fred, Rbs Slashes Pensions of Ordinary Staff

Staff who are awarded above-inflation pay rises will not see this feed into their pension pots. Instead, pension contribution increases will be capped at 2 per...

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