Last member of failed RBS board to retire with £9.8m pension pot

Last member of failed RBS board to retire with £9.8m pension pot




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This week it was reported that the final member of the Royal Bank of Scotland board would be retiring early next year. 

Gordon Pell was deputy chief executive and part of the board that presided over the bank’s doomed expansion, including the disastrous acquisition of Dutch bank ABN Amro in 2007.

 

Mr Pell will retire with an annual £517,000 pension. 60 year-old Mr Pell earned £908,000 last year, as RBS posted the largest loss in UK corporate history – £24.1 billion.

 

When it was announced earlier this year that former chief executive of RBS, Sir Fred Goodwin, would take early retirement with an annual pension of £703,000, a public outcry ensued, with the disgraced banker becoming one of the most hated figures in recession-hit Britain.

 

On Tuesday RBS finance director, Guy Whittaker, also announced that he would be stepping down, but was said to not receive special pension arrangements or any kind of bonus or long term share options.

 

RBS, which is now 70% owned by the taxpayer following a £20 billion Government bailout, has already announced 9,000 job cuts in order to shore up £2.5 billion over the next three years.

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