Marks and Spencer 2005 Annual Report Download - page 27

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MARKS AND SPENCER GROUP PLC 25
a) Pension benefits continued
The accrued entitlement represents the deferred pension at age 60 to which the director would have been entitled had they left the
Company on 3 April 2004 and 2 April 2005 respectively. The additional pension relates to the increase in the deferred pension during the
year gross and net of inflation under the Directors’ Remuneration Report Regulations 2002, and the Listing Rules respectively.
The transfer value of the deferred pension calculated as at 2 April 2005 is calculated by the actuary of the relevant Company Pension
Scheme in accordance with actuarial guidance note GN11. The equivalent transfer value calculated as at 3 April 2004 is on the
assumption that the director had left service at that date.
Inflation has been assumed to be equivalent to the actual rate of price inflation which was 3.1% for the year to 30 September 2004. The
measurement date accords with the Listing Rules.
The transfer values are the lump sums which could have been paid to another pension scheme for the benefit of the director. It is not
possible for a transfer value to be paid directly to the director personally.
Luc Vandevelde, Vittorio Radice and Mark McKeon left the Company on 31 May 2004, 11 June 2004 and 30 November 2004
respectively. None of them participated in the Company Pension Scheme.
Stuart Rose and Charles Wilson do not participate in the Company Pension Scheme.
b) Payments to former directors
Details of payments made to former directors during the year are:
2005 2004
Early retirement pensions1(payable until) £000 £000
James Benfield (22 April 2009) 75 74
Derek Hayes (19 November 2008) 70 69
Chris Littmoden (28 September 2003) –44
Unfunded pensions
Clinton Silver294 93
1Under the Early Retirement Plan the Remuneration Committee could, at its discretion, offer an unfunded Early Retirement Pension, separate from the Company
pension, which was payable from the date of retirement to age 60. With effect from 31 March 2000, the Early Retirement Plan was withdrawn but payments
continue for awards made before this date.
2The pension scheme entitlement for Clinton Silver is supplemented by an additional, unfunded pension paid by the Company.
Approved by the Board
Jack Keenan, Chairman of the Remuneration Committee
London
23 May 2005