Eddie Barnes - Pension Scandal

The pack are out in force against Sir Fred Goodwin this morning, following the news that he is already drawing a £650,000 a year pension, despite being only 50.

My e-mail basket is filling up with politicians jumping on the bandwagon. Alastair Darling says it can't be justified, bearing in mind Sir Fred's failures. Labour MSP John Park says the pension should, at the very least, be stopped until Sir Fred reaches normal retirement age (I wonder if he extends the same view towards former Labour First Ministers who also got their pensions the moment they quit).

Coincidentally, an e-mail from the Taxpayers Alliance also dropped into my e-mail basket this morning. The Alliance has produced new research showing that local government pensions, excluding teachers and firemen, have now reached £4.5bn, or equivalent to every £1 in every £5 of council tax raised.

Somehow, I doubt Messers Darling and Park will summon up quite the same level of outrage towards their Local Government friends as they are doing against Sir Fred. It is shoot-a-banker month after all....