Myners’ ‘pension link’ questioned
By politics.co.uk staff
Lord Myners faced criticism in the Commons this morning after reports claimed he was eligible for a £99,800-a-year-pension from a company linked to rescued bank RBS.
Shadow leader of the House Alan Duncan raised the issue after it emerged fund manager Gartmore, which was bought by RBS subsidiary NatWest, was briefly owned by RBS.
Lord Myners was on the NatWest board after Gartmore was bought by the bank in 1996. RBS sold Gartmore shortly after it took over NatWest in 2000, but NatWest’s annual report for 1999 reveals Lord Myners, 51 at the time, was eligible for a £99,800 annual pension on reaching the usual retirement age of 60.
He is now 60 years old and faces questions over his role in the approval of ex-RBS boss Sir Fred Goodwin’s £693,000 annual pension last October.
Mr Duncan asked Commons leader Harriet Harman today: “Might Lord Myners’ willingness to rubber-stamp Sir Fred Goodwin’s pension have something to do with the fact that Lord Myners has got a £100,000 pension entitlement from the RBS group?”
Ms Harman replied by saying Lord Myners’ comments in the Lords on Monday represented the government’s position. This saw the City minister explain that while the old RBS board agreed Sir Fred should leave on October 10th, Lord Myners did not meet senior officials from the bank until the following day.
“I was assured that the pension arrangement for Sir Fred Goodwin reflected 30 years of service and no mention was made to me of discretion in that respect,” he said on Monday.
This morning the prime minister’s spokesman said commenting on a “minister’s personal financial interests” would not be appropriate.
He referred journalists to Lord Myners’ entry in the register of peers’ interests.
This, under the ‘regular remunerated employment’ section, states that Lord Myners receives “benefits consequent to past employment by NM Rothschild and Sons, Gartmore and Marks & Spencer”.
Those loyal to the City minister have claimed there is no link between the Gartmore pension and Lord Myners’ involvement in the government’s rescue of RBS.
