Holiday Inn 2006 Annual Report Download - page 41

Remuneration report
Directors’ pension benefits
Increases in
transfer value
over the
Directors’ Transfer value year, less Increase Increase Accrued
contributions of accrued benefits Directors’ in accrued in accrued pension at
Age at in the year11.1.06 31.12.06 contributions pension2pension331.12.064
Directors 31.12.06 £ £ ££ £ pa £ pa £ pa
Andrew Cosslett 51 28,300 266,900 595,300 300,100 24,200 23,600 43,800
Richard Hartman 60 1,300 1,848,200 1,935,400 85,900 8,100 5,600 94,700
Richard Solomons 45 19,500 1,227,100 1,470,500 223,900 24,500 21,000 143,800
1 Contributions paid in the year by the Directors under the terms of the plans. Contributions increased in April 2006 under the new pensions regime, to 5%
of full pensionable salary.
2 The absolute increase in accrued pension during the year.
3 The increase in accrued pension during the year excluding any increase for inflation, on the basis that increases to accrued pensions are applied at 1 October.
4 Accrued pension is that which would be paid annually on retirement at 60, based on service to 31 December 2006, except that for Richard Hartman the figure
shown is the pension at age 60, increased to allow for its late payment.
The figures shown in the above table relate to the final salary plans only. For defined contribution plans, the contributions made by and
in respect of Stevan Porter during the year are:
Director’s contribution to Company contribution to
DCP 401(k) DCP 401(k)
££ ££
Stevan Porter 43,300 6,000 Stevan Porter 80,900 4,900
The Company contributions made in respect of Richard Hartman to the IS&RP during the year are £183,100. He made no contributions.
By order of the Board
Richard Winter
Company Secretary
19 February 2007
IHG The Board, senior management and their responsibilities 39
At 31 December 2006, the Executive Directors of the Company,
as potential beneficiaries under the Company’s Employee Benefit
Trust (the Trust), were each technically deemed to be interested
in 1,324,110 unallocated shares held by the Trust (2,924,775 shares
as at 31 December 2005). In the period from 31 December 2006 to
19 February 2007, a further 58,704 shares were released from the
Trust, reducing the number of shares in which these Directors hold
a residual interest to 1,265,406 in total.
The Company’s Register of Directors’ Interests, which is open
to inspection at the Registered Office, contains full details of
Directors’ shareholdings and share options.
7 Directors’ pensions
The following information relates to the pension arrangements
provided for Messrs Cosslett, Hartman and Solomons under the
executive section of the InterContinental Hotels UK Pension Plan
(the IC Plan) and the unfunded InterContinental Executive Top-Up
Scheme (ICETUS).
The executive section of the IC Plan is a funded, registered, final
salary, occupational pension scheme. The main features applicable
to the Executive Directors are: a normal pension age of 60; pension
accrual of 1⁄30th of final pensionable salary for each year of
pensionable service; life assurance cover of four times pensionable
salary; pensions payable in the event of ill health; and spouses’,
partners’ and dependants’ pensions on death. When benefits
would otherwise exceed a member’s lifetime allowance under
the post-April 2006 pensions regime, these benefits are limited
in the IC Plan, but the balance is provided instead by ICETUS.
Richard Hartman, who reached the IC Plan normal pension age
of 60 on 30 January 2006, ceased to be an active member of the
IC Plan and ICETUS with effect from that date, and instead
participates in the InterContinental Hotels Group International
Savings and Retirement Plan (IS&RP), which is a Jersey-based
defined contribution plan to which the Company contributes.
Stevan Porter has retirement benefits provided via the 401(k)
Retirement Plan for employees of Six Continents Hotels Inc.
(401(k)) and the Six Continents Hotels Inc. Deferred Compensation
Plan (DCP).
The 401(k) is a tax qualified plan providing benefits on a defined
contribution basis, with the member and the relevant company both
contributing. The DCP is a non-tax qualified plan, providing benefits
on a defined contribution basis, with the member and the relevant
company both contributing.