jackiepoppies Posted February 25, 2009 Share Posted February 25, 2009 The news that Sir Fred Whatsisname has been given a pension of 650k per year at the age of 50 FOR LIFE for taking the RBS to the edge of ruin has made me so mad You and I the taxpayer, are subsidising this. I also cannot understand why people get performance related pay /bonuses for doing the job they have been employed and paid to do. As an ex civil servant paid to ensure that certain individuals did not rejoin the community prior to their allotted time, I did not get a bonus for ensuring they stayed put And my pension compared to Sir Freds is laughable Jx Quote Link to comment Share on other sites More sharing options...
Egluntyne Posted February 25, 2009 Share Posted February 25, 2009 Just watched Robert Peston delivering this piece of news. Words fail me. Obscene is right. Don't you just love what the said Robert Peston does to vowels? Quote Link to comment Share on other sites More sharing options...
Ain't Nobody Here Posted February 26, 2009 Share Posted February 26, 2009 This made me furious too . My parents have a lot of RBS shares which were worth a lot of money. They are now worth next to nothing - after a lifetime of saving and frugality. Quote Link to comment Share on other sites More sharing options...
Cooks Posted February 26, 2009 Share Posted February 26, 2009 I agree it is totally obscene. Quote Link to comment Share on other sites More sharing options...
chelsea Posted February 26, 2009 Share Posted February 26, 2009 terrible! I dont know how they can get away with it what is this country coming too? Quote Link to comment Share on other sites More sharing options...
Charlottechicken Posted February 26, 2009 Share Posted February 26, 2009 Haven't they just announced massive job cuts this morning too It all just beggars belief Quote Link to comment Share on other sites More sharing options...
bronze Posted February 26, 2009 Share Posted February 26, 2009 I also cannot understand why people get performance related pay /bonuses for doing the job they have been employed and paid to do. Jx I don't mind people getting performance related pay /bonuses but I do mind people getting wacking great bonuses/pensions when their performance has been seriously underpar. I fit was truly performance based then he should be paying in money because o how badly hes done. Quote Link to comment Share on other sites More sharing options...
TOMWARDFARM Posted February 26, 2009 Share Posted February 26, 2009 What makes it worse they have just announced massive losses ..... again! Quote Link to comment Share on other sites More sharing options...
TOMWARDFARM Posted February 26, 2009 Share Posted February 26, 2009 http://news.sky.com/skynews/Home/Business/Banking-Crisis-Unite-Union-Leaders-Meet-RBS-Bosses-Over-Reports-20000-Bank-Jobs-Could-Go/Article/200902415227726?lpos=Business_Third_Buisness_Article_Teaser_Region_2&lid=ARTICLE_15227726_Banking_Crisis%3A_Unite_U Quote Link to comment Share on other sites More sharing options...
Old Speckled Hen Posted February 26, 2009 Share Posted February 26, 2009 It's disgraceful when so many, young, old, single and those with families are struggling. I worked all hours for thirty years to build up a good business which I sold to retire early before I burnt myself out. My savings have now disappeared. I might just as well have not bothered and relied on state benefit. There was a piece in the Telegraph earlier this week about how the UK might expect some serious civilian unrest and demonstration particularly from the middle classes and I must admit I dismissed it with a laugh. Now I am not so sure with news like this fueling the debate. Quote Link to comment Share on other sites More sharing options...
bronze Posted February 26, 2009 Share Posted February 26, 2009 I don't know DA my mums state pension was something like 9 pound odd a week. Doomed either way Quote Link to comment Share on other sites More sharing options...
Old Speckled Hen Posted February 26, 2009 Share Posted February 26, 2009 I don't know DA my mums state pension was something like 9 pound odd a week. Doomed either way I'm not really complaining for myself. I own my large house and my husband still works but the whole thing seems so unfair at this end of a life when there is less time to weather the storm. Bronze ... your avatar ... I know it's a chicken but I always see a humpback whale emerging from the sea the way they do just before a breach. Crazy Quote Link to comment Share on other sites More sharing options...
Redwing Posted February 26, 2009 Share Posted February 26, 2009 My last job called for me to recruit a lot of pwople as we set up a big new office, I read up a lot on recruitment and RBS was always heralded as a perfect recruiter, trainer and employer, its such a shame they are now losing those talented staff members. Quote Link to comment Share on other sites More sharing options...
susiepoos Posted February 26, 2009 Share Posted February 26, 2009 I totally agree with everything everyone has said but not wishing to play the devils advocate - but I will - IF RBS had not had losses and had made massive profits for their shareholders would we be saying that this whole debacle was "obscene" - one, we wouldn't know about it because it wouldn't be newsworthy and two, as shareholders we would be rubbing our hands with glee. The problem is that these bonuses and massive pensions are written into these peoples contracts - which, I assume are legally binding, so this guy will get his bonuses and highly inflated pension whether he is successful or not. Unless the government wants to break the law by absolving a legally binding contract or Sir Fred graitiously gives some back - doubtful - I really cannot see what can be done - certainly the contracts for the future need to be changed and stop these astronomical bonuses and pensions - let's be honest this is a world recession and Gordon Brown as chancellor should have seen this coming for years - should we stop his pension????????? Quote Link to comment Share on other sites More sharing options...
Old Speckled Hen Posted February 26, 2009 Share Posted February 26, 2009 let's be honest this is a world recession and Gordon Brown as chancellor should have seen this coming for years - should we stop his pension????????? Why not What a grand idea He's stopped mine. Or at least for a day let him think he had none and let him ponder on his fate. Quote Link to comment Share on other sites More sharing options...
Tessa the Duchess Posted February 26, 2009 Share Posted February 26, 2009 Unless the government wants to break the law by absolving a legally binding contract or Sir Fred graitiously gives some back - doubtful - I really cannot see what can be done - certainly the contracts for the future need to be changed and stop these astronomical bonuses and pensions - let's be honest this is a world recession and Gordon Brown as chancellor should have seen this coming for years - should we stop his pension????????? I heard on the lunch time news that the govt are pondering taking legal action to stop him receiving this obscene pension. Personally I think he should humble himself and offer to give the majority of it back and accept a MUCH smaller payoff, like that is ever going to happen I am beyond furious about this whole debacle I also worked my socks off and prudently saved to make sure my golden years were reasonable comfortable, as DA said, I don't know why I bothered Tessa Quote Link to comment Share on other sites More sharing options...
Leicester_H Posted February 26, 2009 Share Posted February 26, 2009 Yes - it is Obscene but it must be the governments fault. When they agreed to hand over all that tax payers money they must either have agreed his pension deal (as part of the conditions) or been incompetent enough not to have asked about it. Imagine what his salary must have been !! But, I work in a University (and so not in that pay bracket!!) and so am a public sector employee. I contribute to my pension. I would not like my pension conditions changed (without my agreement). Presumably, he did a good job for most of the time (up until recently) and so did earn his pension (albeit an obscene amount ) - its not like a bonus for excellent performance - its standard terms and conditions of the job he was fortunate enough to get. Quote Link to comment Share on other sites More sharing options...
Joojoo Posted February 26, 2009 Share Posted February 26, 2009 It's an absolute disgrace and says everything about why this country is in the state that it is Quote Link to comment Share on other sites More sharing options...
Charlottechicken Posted February 27, 2009 Share Posted February 27, 2009 Unless the government wants to break the law by absolving a legally binding contract or Sir Fred graitiously gives some back - doubtful - I really cannot see what can be done - I am sure they said on the news that it was a discretionary award and not contractual. They can get the money back, maybe they don't want to. Quote Link to comment Share on other sites More sharing options...
Lesley Posted February 27, 2009 Share Posted February 27, 2009 I totally agree with everything everyone has said but not wishing to play the devils advocate - but I will - IF RBS had not had losses and had made massive profits for their shareholders would we be saying that this whole debacle was "obscene" -??? IF RBS had made profits and not losses then it wouldn't be an issue - why reward someone for failure to perform their contractual obligations and for gross incompetence? Quote Link to comment Share on other sites More sharing options...
Mutrix Farmers Posted February 27, 2009 Share Posted February 27, 2009 Presumably, he did a good job for most of the time (up until recently) and so did earn his pension (albeit an obscene amount ) - its not like a bonus for excellent performance - its standard terms and conditions of the job he was fortunate enough to get. He brought RBS to near bankruptcy, doesn't sound like he did a very good job at all!!!! Just goes to show what a toothless tiger the FSA has been over the years, it's about time they were handed some real power to determine how the banks are run. And it's not all Gordon's fault, the rot started in the Thatcher years when things were de-regulised. Quote Link to comment Share on other sites More sharing options...
Tessa the Duchess Posted February 27, 2009 Share Posted February 27, 2009 Well seems he's refused to give any of the money back He will be getting £12,000k a week for the rest of his life, a lot of people would be grateful for that a year Tessa Quote Link to comment Share on other sites More sharing options...
susiepoos Posted February 27, 2009 Share Posted February 27, 2009 I totally agree with everything everyone has said but not wishing to play the devils advocate - but I will - IF RBS had not had losses and had made massive profits for their shareholders would we be saying that this whole debacle was "obscene" -??? IF RBS had made profits and not losses then it wouldn't be an issue - why reward someone for failure to perform their contractual obligations and for gross incompetence? Even if he'd provided a golden egg for every man, woman and child in this country it still doesn't justify £650,000 a year!!!!!!!!!!!!!!! - I've always said that those who make money earn the money - doctors, nurses, cancer researchers etc, etc are not important to our money grabbing society!!!!!!! Quote Link to comment Share on other sites More sharing options...
Phonix Posted February 28, 2009 Share Posted February 28, 2009 This sort of thing annoys me soo much. Obviously, if the award is discretionary it should be based on his performance this year and that is truly awful on anyones level. What he has done in the past fails to matter - he has been rewarded for that in past bonuses - and so this one should not have been paid. No employer in their right mind, when drafting a contract - let alone one as big as RBS would fail to include the word 'discretionaty' in my opinion. So the fact that he has been awarded this is even worse. Susiepoos - i agree about the people that really make a difference in our country not getting paid nearly enough. I always argue with my dad when he or my brother buy football related stuff - these people get paid an obscene amount for doing something that requires little brain power, helps no-one, promotes bad behaviour, they themselves can behave as awfully as they want with almost no repercussions and are honoured by the country (with awards etc) as national heroes while those that save lives everyday are sliding further and further into debt. Rant over lol x Quote Link to comment Share on other sites More sharing options...
