Shamed RBS exec to return half his pension

LONDON, June 18 (UPI) -- Shamed former Royal Bank of Scotland head Fred Goodwin said he would return half his lavish pension plan to pave the way for a move back to Britain.

Goodwin's annual pension of $903,000 sparked an uproar when the bank posted a net loss of $39.2 billion a month after he retired in October.

Along with a verbal drumming from politicians, vandals smashed windows at Goodwin's home in Edinburgh and damaged his Mercedes. In response, Goodwin and his family fled to the French Riviera, where the shopping, fine dining and golf outings appear to have run their course.

"There's only so much time you can spend sitting around in the French sunshine, and Fred believes that a concession in his pension benefits will win back public confidence," one source commented to The Daily Mail Thursday.

Chancellor of the Exchequer Alistair Darling said he was "very glad that RBS have now resolved the matter."

While the heat was on, even Prime Minister Gordon Brown called on Goodwin to return much of his pension, while former Deputy Prime Minister John Prescott had said the pension should be canceled entirely.

At this point, "Goodwin will still enjoy a very comfortable future at the expense of the taxpayer," Rob MacGregor, Unite union official said.