Annual Report & Accounts 2009 - Anglo Irish Bank

Directors' pension benefits
A.M.R. (Mike) Aynsley is entitled to monthly contributions to a defined contribution pension plan. Up to and including
January 2009 the Group made monthly payments to a defined contribution pension plan for William McAteer. While acting as
Executive Chairman Donal O'Connor benefited from monthly payments to a defined contribution pension plan. This benefit
ceased when he reverted to the role of Non-executive Chairman. All other individuals who served as Executive Directors during
the period were members of a Group defined benefit scheme. Details are as follows:
Executive Director/Chairman
Defined
contribution
Increase in Total increase/
accrued annual Total accrued (decrease) in
pension benefit pension benefit transfer value of Contribution/
during period at period end accrued benefit benefit
€'000 €'000 €'000 €'000
A.M.R. (Mike) Aynsley (1) - - - 32
Donal O'Connor (2) - - - 54
Former Executive Directors
David Drumm (3) - 271 - -
William McAteer (4) - - - 46
Declan Quilligan (5) - 172 (328) -
Pat Whelan (6) 25 166 550 -
25 609 222 132
The increase in accrued annual pension benefit during the period reflects incremental service and excludes any increase for
inflation which is reflected in the total accrued pension benefit. The total accrued pension benefit at the period end is that
which would be paid annually from the member's expected retirement date, based on service to the period end and assuming
the member had left service at that date. The increase/(decrease) in transfer value of accrued benefit has been calculated by an
independent actuary. An increase does not represent sums paid or due, but the amounts that the Bank's pension scheme would
transfer to another pension scheme, in relation to the benefits accrued in the period, in the event of the member leaving
service.
Fees paid to Non-executive Directors are not pensionable.
Defined benefit
(1) Co-opted on 7 September 2009. A.M.R. (Mike) Aynsley is entitled to monthly contributions to a defined contribution
pension plan.
(2) Donal O'Connor acted as Executive Chairman between 19 February 2009 and 7 September 2009 during which period
the Group made monthly payments to a defined contribution pension plan.
(3) Resigned on 19 December 2008. David Drumm did not accrue additional pension benefits in the period. The total
accrued benefit figure is calculated based on the standard fund threshold, as applied by Revenue.
(4) Resigned on 7 January 2009. In addition to the contribution disclosed above, €343,267 of the deferred performance
bonus referred to on page 146 was paid by way of an employer contribution to a self administered pension scheme. This
deferred performance bonus had previously been expensed and disclosed by the Bank in the year to 30 September 2005.
(5) Resigned as an Executive Director on 7 September 2009. The accrued pension benefit is calculated as at
31 December 2009. The reduction in accrued benefit from that reported in 2008 reflects the movement in the
GBP/EUR exchange rate over the period.
(6) Resigned as an Executive Director on 19 February 2009. The accrued pension benefit is calculated as at
8 December 2009, the date Pat Whelan left the Bank.
Anglo Irish Bank
Annual Report & Accounts 2009
149