Ex-head of Royal Bank of Scotland (RBS) Sir Fred Goodwin is reported to be considering voluntarily reducing his 703,000 pension.

The new CEO of RBS, Sir Philip Hampton, told Channel 4 News he had asked Goodwin to think about returning some of his pension, explaining: "A significant gesture would be very well received."

Fred ‘the shred' Goodwin is thought to be considering the offer.

The news comes as RBS shareholders met on Friday in Edinburgh for their annual general meeting to discuss, among other things, the bank's remuneration report involving directors' pay and bonuses.