Setting new standards - Friends Life

FINANCIAL STATEMENTS
IFRS FINANCIAL STATEMENTS
EEV SUPPLEMENTARY INFORMATION
Notes to the consolidated accounts continued
9. Employee remuneration
(a) Aggregate remuneration
The aggregate remuneration in respect of employees, including executive directors, was as follows:
2006 2005
£m £m
Wages and salaries 216 201
Social security costs 21 18
Pension costs 30 18
Total remuneration 267 237
(b) Average number of employees
The average number of employees, including executive directors, employed by the Group was as follows:
2006 2005
No.
No.
UK Life & Pensions 3,548 3,445
International Life & Pensions 669 660
Asset Management 855 863
Average number of employees 5,072 4,968
(c) Directors’ emoluments
Information concerning individual directors’ emoluments, interests and transactions is given on pages 60 to 68 of the Remuneration Report
of the Board. Directors’ interests in the share capital of Friends Provident plc and F&C Asset Management plc are shown in note 43.
10. Staff pension schemes
(a) Introduction
The Group operates several defined benefit schemes: the Friends Provident Pension Scheme (FPPS), to which the majority of the Group’s UK
Life & Pensions employees belong, and various schemes operated by F&C. In addition, the Group operates two defined contribution
schemes, the scheme operated by F&C and the scheme operated by FPI. Lombard does not operate a pension scheme.
(b) Total provisions for pensions liabilities
Under IAS 19 Employee Benefits, the pension liability is recognised on the balance sheet, gross of deferred tax. A reconciliation of the Group
pension liability included in the consolidated balance sheet and the net pension liability as determined by actuarial valuations is set out below.
96 Friends Provident Annual Report & Accounts 2006