Taxpayer to fund pension injection

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Financial Services > Pensions > News

Taxpayer to fund pension injection

Wed, 11 Mar 2009

According to pensions news, as much as £800 million in taxpayer cash could be used by the Royal Bank of Scotland to prop up collapsed staff pension schemes . Many of the pensions have fallen due to investment in RBS shares .

The pension scheme promises, many of which are extremely generous, will be funded by £807 million of taxpayer money, according to the annual report. The pension funds have seen their value slump due to investment in shares and other securities related to RBS.

Consumers are up in arms due to the fact that pension benefits from RBS are amongst the most generous in the country, with a final salary pension scheme available with zero contributions at age 60.

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