At last, Sir Fred Goodwin (or Fred the Shred as some like to refer to him as), former chief executive of Royal Bank of Scotland, has finally offered to cut his pension.
His pension pot is to be reduced by £4.7 million, cutting his pension to just £342,500 a year.
Mind you, he has already taken a tax free lump sum of £2.7 million.
It’s been so tough for Fred the Shred of late, having to live in a rather substantial villar near Cannes with full time guards.
Apparently he now wants to return to a ‘normal life’, whatever that is.
Those more cynical amongst might think that this ‘gesture’ to cut his pension is being done now simply so he can get another job. After all, the ex HBOS boss Andy Hornby has already found himself a role as Chief Executive of Boots.
Where will Sir Fred find himself next employed I wonder?