Former RBS chief executive Sir Fred Goodwin has already taken a £3m advance on his £703,000 annual pension, Treasury Minister Lord Myners has said.You can, of course, take up to 25% of the pension pot tax-free.
FFS, look at the negotiating tactics here and realise who has been totally screwed over in the deal - that's right, us the taxpayer - as a way of beating the living crap out of the Government for their pillorying of 'Sir' Fred (2004 Birthday Honours list, for his services to banking).
He added that Sir Fred had indicated that he may return the £3m advance - but only in exchange for a larger overall pension pot. This already stands at £16.9m.
He has the money, which he is waving in the faces of the Government with two fingers and offering a one-way deal - stop blaming him or he is going to start pointing fingers and demanding a better deal.
Watch the Government change their tune mighty quickly, in fear of their incompetence being (further) exposed.