2009 Annual Report - CRH

Pension entitlements – defined benefit
Increase in
accrued
personal
pension
during 2009
(i)
Transfer value
of increase in
dependants’
pension
(i)
Total accrued
personal
pension at
year-end
(ii)
€000 €000 €000
Executive Directors
M. Lee - 967 284
A. Manifold 7 105 273
(i) As noted on page 52, the pensions of Mr. Lee and Mr. Manifold have been capped in line with the provisions of the Finance Act 2006. However, dependants’
pensions continue to accrue resulting in Greenbury transfer values which have been calculated on the basis of actuarial advice. These amounts do not represent
sums paid out or due, but are the amounts that the pension scheme would transfer to another pension scheme in relation to benefits accrued in 2009 in the event
of Mr. Lee or Mr. Manifold leaving service.
(ii) The accrued pensions shown in respect of Mr. Lee and Mr. Manifold are those which would be payable annually from normal retirement date.
Pension entitlements – defined contribution
The accumulated liabilities related to the unfunded Supplemental Executive Retirement Plans for Mr. G.A. Culpepper and Mr. M.S. Towe are as follows:
As at 31st
2009
As at 31st
December
2009 notional
2009 Translation December
2008 contribution
interest payments adjustment
2009
€000 €000 €000
(iii)
€000 €000 €000
Executive Directors
G.A. Culpepper 226 109 13 - (11) 337
M.S. Towe 752 152 42 - (32) 914
(iii) Notional interest, which is calculated based on the average bid yields of United States Treasury fixed-coupon securities with remaining terms to maturity of
approximately 20 years, plus 1.5%, is credited to the above plans.
Deferred Shares (iv)
Number
at 31st
December
2008
Awards of
Deferred
Shares
during 2009
New Shares
allotted under the
Scrip Dividend
Scheme
during 2009
New Shares
taken up
in 2 for 7
Rights Issue in
2009
Released
during 2009
(v)
Number at
31st December
2009 Release date
Executive Directors
M. Lee 6,033 - 238 1,723 - 7,994 March 2010
7,644 - 301 2,184 - 10,129 March 2011
13,677 - 539 3,907 - 18,123
W.I. O’Mahony 13,873 - - - 13,873 -
17,070 - - - 17,070 -
30,943 - - - 30,943 -
(iv) Under the executive Directors’ incentive plan, up to one-third of the bonus in each year is payable in CRH shares and the entitlement to beneficial ownership of
the shares is deferred for a period of three years, with the individual not becoming beneficially entitled to the shares in the event of departure from the Group in
certain circumstances during that time period.
(v) Following his retirement as an executive Director, Mr. O’Mahony’s awards were released to him on 18th March 2009.
CRH 55