Fred's Pension: 3

It's been getting even better for Fred.
Things are looking up.

It transpires Fred the Shred has already taken a tax-free lump sum of £2.7m as an advance on his £16.9m pension pile. Yes, that's right : tax-free.

And - cheek - the Shred has kindly offered to pay back the £2.7m , if the Tax Man will only promise not to ask for the tax still due.

His annual pension has already been revised upwards to £703,000 per year, from the £650,000 - odd we were first told.

Meanwhile the pathetic Lord Myners says it wasn't my fault.

Pigs at the trough - it's not a pleasant sight.