BANK PENSIONS

That this House notes that Sir Fred Goodwin has been awarded a pension of £703,000 a year even though he presided over a 95 per cent. fall in the stock market value of the Royal Bank of Scotland when he was Chief Executive leaving the bank with a deficit of £28 billion, the biggest corporate loss in British history; and believes that bankers' pensions should be calculated on the appropriate percentage of accumulated lifetime earnings, and then adjusted in the same proportion as the change in the value of the company under their watch.