Goodwin: The final pension sum
With any luck this will be my last word on the issue of Sir Fred Goodwin's pension.
First, it is possible to do a calculation that shows he has given up all the enhancement to the value of his pot that came when he left by mutual agreement rather than being sacked.
Here's the maths.
His enhanced pot at the end of 2008 was worth £16.6m.
Without the enhancement, the pot would have been worth £10.2m (this is not a number that has ever been published).
The gap between the two is therefore £6.4m.
Today he is giving up £4.7m.
And in October he gave up around £2m in contractual pay and further associated pension contributions.
Hey presto: the gap is closed.
Which is the sort of calculation that really matters to the government, because it was so adamant that Sir Fred should only receive his contractual minimum.
However the rest of the world will note that his contractual minimum - a £2.7m tax-free lump sum (worth £4.5m before tax) and £342,500 per annum - is pretty handsome.
Second, while it is the case that RBS's internal review found no evidence of wrongdoing or misconduct by Sir Fred, the bank was advised by leading counsel that there was a reasonable legal basis for suing him for the return of some of the pension pot - and Sir Philip Hampton, RBS's chairman, told Sir Fred he was happy to seem him in court.