Today, Wavin - Jaarverslag.com

Wavin Annual Report 2010 | page 66The LTIP was introduced in 2008 and currently exists three years. We will perform an evaluation of theeffectiveness of the plan and are examining broader trends and developments in long term executiveremuneration. If we consider a revisit of the current program it will be the presented to the AnnualGeneral Meeting of Shareholders in 2012.PensionThe retirement benefi ts are designed in line with relevant market practice in the relevant country ofresidence.As is applicable to all Dutch Wavin employees, the pension arrangements for the three DutchManagement Board members are based on defi ned benefi ts and indexed average salary with a pensionat age 65. The annual build-up of old age retirement benefi ts amounts to 2.15% of the annualpensionable salary.Both Mr. Houben and Mr. Oomens have an additional pension arrangement as of the date they joinedWavin to partly compensate for missed back service in previous careers. Since 2000 Mr. Houben hashad an indexed arrangement amounting to a 2010 payment of € 33,585 into his pension arrangementwith the company. Because of his retirement from the company and in accordance with his employmentcontract, the payments for the remaining two years were paid to Mr Houben as a lump sum inDecember 2010 amounting to € 69.186.Mr. Oomens received an amount of € 10,000 paid to an insurance company.As is applicable to all former UK Hepworth employees, the pension arrangement for UK residentMr. Taylor was based on defi ned benefi t. The executive pension arrangement for Mr. Taylor was basedon an accrual rate of 1/45th with a retirement possibility at the age of 63. The maximum pension hecould have accrued would be two thirds of his fi nal earnings capped pensionable salary less anyretained benefi ts. Mr. Taylor had an additional pension arrangement since 1999 leading to a 2010payment of € 44,004.More information on the 2010 remuneration of the individual Management Board members can be foundon page 136 and 137 of this report.