Downing Street Says » Sir Fred Goodwin

» Tuesday, March 3, 2009

Sir Fred Goodwin

Asked when the Prime Minister was first made aware of the size of Sir Fred Goodwin s pension, the PMS said that he did not have the date to hand.

Asked why the Chancellor had expressed his incredulity over the size of Mr Goodwin s pension when the Government had known about it since October, the PMS said that on the question of the size of the pension, the Prime Minister spoke about it yesterday in his interview on Talksport. We had previously covered, as had the Chancellor, the question of the circumstances around what Lord Myners and others knew about the size of the pension at the time and the PMS did not have anything to add to that.

Lord Myners had also written a letter to Sir Fred Goodwin, which had set out his position in some detail. The issue was also referred to in the House of Lords yesterday, when Lord Myners had said,

I was reassured that the pension arrangements of Sir Fred Goodwin reflected 30 years of service. No mention was made to me of discretion in that respect and no sum was mentioned. Although Mr Bob Scott did tell me that Mr Goodwin s pension would be a large sum. That would come as no surprise to members of this House.

We had studied the large pension rights that self-appointed chief executives and the leaders of our financial institutions had negotiated. I believe I was only advised of the sum of the pension a few days later. I did not seek approval from the Prime Minister or the Chancellor as I was not being asked to give approval and I did not endorse the pension of Sir Fred Goodwin.

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