posted by bryn mawr
No, but the thread title does

:o sorry should have realised it was oscar's fault.:sneaky:
posted by bryn mawr
Agreed, the pension needs to be investigated by the SFO and any appropriate action taken. If it is not taken due to government interference then the people should make damn'd sure that the government fall.
It wasn't fraudulent
FURBS | This is Money
Not necessarily. FURBS are used to finance really big pensions for industry big-wigs when they retire.
And as it happens, one was used to pay for the contentious pension payout to a disgraced Scottish banker.
Sir Fred Goodwin?
Got it in one. Royal Bank of Scotland used a FURBS to ensure that Fred the Shred received his whopping £700,000-a-year payout when he was finally and very politely told his services were no longer needed.
Okay. But what is a FURBS?
It's like an ordinary pension scheme, except that it busts the limit on how big a fund can be and still attract tax benefits. At the moment that limit - the ' lifetime allowance' - is £1.65m.
Goodwin's scheme was worth far, far more. Hence the term 'unapproved': Tax is payable on any lump sum taken from a FURBS, while we mere mortals can take up to a quarter of our pension as a tax-free lump sum.
bit of historical background.
So, what's happening to UURBS and FURBS then?
They could have just sacked him and let him try and sue the bankrupt cmopany he left behind.
Meanwhile in ordinary voter land what's the point in saving
Government says pensioners get 10.4% rate | This is Money
Altogether now GORDON IS A MORON