Royal Bank of Scotland, the part-nationalised bank that controversially gave Sir Fred Goodwin, its former chief executive, a pension pot valued at £16m, is scaling back pension benefits for about 62,500 employees. The bank is capping the portion of any salary rise that counts as final pay for pension purposes at 2% or the rate of inflation, whichever is lower. From December, it will also cut the lump sum for each employee taking early retirement. Unite, the trade union that represents some RBS workers, said the changes “add insult to injury”.

This entry was posted by Gwen Robinson on Wednesday, August 26th, 2009 at 4:40 and is filed under Capital markets, People. Tagged with rbs. Edit this entry.