Annual report and financial statements 2011 - Analist.nl
Annual report and financial statements 2011 - Analist.nl
Annual report and financial statements 2011 - Analist.nl
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67<br />
Chairman’s introduction<br />
Directors’ pension information<br />
a) Pension benefits<br />
John Dixon is the o<strong>nl</strong>y executive director who is a member of the Company’s Defined Benefit Pension Scheme. Details of the pension<br />
benefits earned by him during the year ending 2 April <strong>2011</strong> are shown below:<br />
Age as at<br />
2 April <strong>2011</strong><br />
Accrued<br />
pension<br />
entitlement at<br />
3 April 2010<br />
£000<br />
Accrued<br />
pension<br />
entitlement at<br />
2 April <strong>2011</strong><br />
£000<br />
Additional<br />
pension earned<br />
during the<br />
period<br />
£000<br />
Additional<br />
pension earned<br />
during the<br />
period above<br />
inflation<br />
£000<br />
Transfer value<br />
of accrued<br />
pension at<br />
3 April 2010<br />
£000<br />
Transfer value<br />
of accrued<br />
pension at<br />
2 April <strong>2011</strong><br />
£000<br />
Increase in<br />
transfer value<br />
during the<br />
period<br />
£000<br />
Transfer value<br />
of increase<br />
in accrued<br />
pension<br />
during<br />
the period<br />
above inflation<br />
£000<br />
John Dixon 43 120 126 6 3 1,307 1,417 110 30<br />
The accrued pension entitlement is the deferred pension amount that the director would receive at age 60 if he left the Company on<br />
2 April <strong>2011</strong>. The Listing Rules require this to be disclosed excluding inflation.<br />
All transfer values have been calculated on the basis of actuarial advice in accordance with the current Transfer Values Regulations.<br />
The transfer values of the accrued entitlement represent the value of the assets that the pension scheme would need to transfer to<br />
another pension provider on transferring the scheme’s liability in respect of the director’s pension benefits. They do not represent sums<br />
payable to the director <strong>and</strong> therefore cannot be added meaningfully to annual remuneration.<br />
The increase in transfer value is the increase in the transfer value of the accrued benefits during the year.<br />
No other executive director participates in the scheme. Instead they receive a salary supplement in lieu of membership of the Group<br />
Pension Scheme as described on page 56.<br />
b) Payments to former directors<br />
Details of payments made to former directors during the year are:<br />
Unfunded pensions<br />
Clinton Silver 111 108<br />
The pension entitlement for Clinton Silver is supplemented by an additional unfunded pension paid by the Company.<br />
Approved by the Board<br />
Steven Holliday, Chairman of the Remuneration Committee<br />
London<br />
23 May <strong>2011</strong><br />
<strong>2011</strong><br />
£000<br />
2010<br />
£000<br />
Our strategy Our performance & marketplace Operating review Financial review<br />
Governance<br />
Financial <strong>statements</strong><br />
& other information<br />
To find out more visit marks<strong>and</strong>spencer.com/annual<strong>report</strong><strong>2011</strong><br />
Directors’ <strong>report</strong>