Sir Freds grant trumped by RBS deputy

Katherine Griffiths and Patrick Hosking & , : {}

Gordon Pell, the effusive emissary arch senior manager of Royal Bank of Scotland, is on foot afar with a bigger grant than that of Sir Fred Goodwin, the banks ashamed former boss.

The worth of Mr Pells grant pot ballooned to 13.58 million in 2009, after an enlarge of 3.75 million during the year.

Following a open cheer last year, Sir Fred, 51, bent to vigour and concluded to scapegoat 4.7 million of his seventeen million grant award, withdrawal him with a pot worth 12.3 million.

He has right away assimilated RMJM, the Edinburgh design firm, as an adviser. He will pull a 342,500 inflation-protected income for hold up instead of the 555,000 a year concluded previously.

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Mr Pell, 60, will embrace 582,000 a year after RBS increasing the annual volume by 65,000 in 2009, according to the banks annual inform published yesterday.

The 13.58 million send worth approximates to the cost of shopping Mr Pells early retirement benefits from an payments provider. Part of the enlarge was due to the tumble in the reward rate used to work out the destiny cost of his pension.

Mr Pell has outlayed 39 years in the promissory note industry, especially at Lloyds. He assimilated NatWest in 2000, only prior to RBSs antagonistic bid.

A decade on, Mr Pell who was head of sell promissory note for majority of this time at RBS has transient majority of the censure for the forward enlargement and successive implosion of the bank, right away 84 per cent taxpayer-owned.

However, as a main house director, he authorized the inauspicious ABN Amro merger understanding that sank RBS.

Mr Pell will retire this month and waived his reward for 2009. Along with alternative senior manager directors, he did not embrace an enlarge in bottom pay, that in 2009 was 932,000.

His grant was pounded by politicians. Lord Oakeshott, the Liberal Democrat Treasury spokesman, said: If we hadnt bailed out RBS, they would have to rely similar to each alternative bust commercial operation on the miserable pensions monetary benefit scheme.

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