Aviva 2005 Annual Report Download - page 73

Governance
Aviva plc 2005
Pension benefits
During the year, each of the executive directors accumulated pension benefits under the defined benefits section of the Aviva Staff
Pension Scheme, the Group’s pension scheme for its United Kingdom employees. For Mr Harvey and Mr Moss, who are subject to
the earnings cap, any benefits that cannot be provided through the Scheme are provided via an Unfunded Unapproved Retirement
Benefit (UURB).
Executive directors’ defined benefit pension arrangements
Richard Andrew Philip Patrick
Harvey Moss Scott Snowball
£’000 £’000 £’000 £’000
Accrued annual pension at 1 January 2005 501 6 312 191
Increase in accrued annual pension during year as a result of inflation 14 – 8 5
Adjustment to accrued annual pension as a result of salary increase relative to inflation 12 1 8 16
Increase in accrued annual pension as a result of additional service1–101519
Accrued annual pension at 31 December 20052527 17 343 231
Employee contributions during the year335 24 23 22
Transfer value of accrued pension at 31 December 200446,900 53 3,715 2,702
Transfer value of accrued pension at 31 December 200547,681 166 4,357 3,465
Change in transfer value during the period less employee contributions4746 89 619 741
Age at 31 December 2005 (years) 55 47 51 55
Notes
1. Mr Harvey has reached the maximum service accrual and therefore received no increase during 2005 for an additional year of service.
2. The “accrued pension” is the amount of annual pension to which the directors would have been entitled to at age 60 had they left service at 31 December 2005.
3. The amount of the benefits to be paid out of the Aviva Staff Pension Scheme in respect of Mr Harvey and Mr Moss are restricted due to the earnings cap, with the
benefits in excess of the cap to be paid by the Company. As a result, £15,705 of the contributions paid by these directors was paid to the Scheme with the balance
paid to the Company.
4. Transfer values represent the estimated liability on the Scheme to pay the stated level of benefits (in respect of benefits in excess of the earnings cap the liability rests
with the Company). They are not sums paid, or due, to a director.
No former directors received any increase in retirement benefits in excess of the amount to which they were entitled on the later of the
date when the benefits first became payable or 31 March 1997.
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