Marks and Spencer 2011 Annual Report Download - page 69

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Directors’ pension information
a) Pension benefits
John Dixon is the only executive director who is a member of the Company’s Defined Benefit Pension Scheme. Details of the pension
benefits earned by him during the year ending 2 April 2011 are shown below:
Age as at
2 April 2011
Accrued
pension
entitlement at
3 April 2010
£000
Accrued
pension
entitlement at
2 April 2011
£000
Additional
pension earned
during the
period
£000
Additional
pension earned
during the
period above
inflation
£000
Transfer value
of accrued
pension at
3 April 2010
£000
Transfer value
of accrued
pension at
2 April 2011
£000
Increase in
transfer value
during the
period
£000
Transfer value
of increase
in accrued
pension
during
the period
above inflation
£000
John Dixon 43 120 126 631,3071,417 110 30
The accrued pension entitlement is the deferred pension amount that the director would receive at age 60 if he left the Company on
2April 2011. The Listing Rules require this to be disclosed excluding inflation.
All transfer values have been calculated on the basis of actuarial advice in accordance with the current Transfer Values Regulations.
Thetransfer values of the accrued entitlement represent the value of the assets that the pension scheme would need to transfer to
another pension provider on transferring the scheme’s liability in respect of the director’s pension benefits. They do not represent sums
payable to the director and therefore cannot be added meaningfully to annual remuneration.
The increase in transfer value is the increase in the transfer value of the accrued benefits during the year.
No other executive director participates in the scheme. Instead they receive a salary supplement in lieu of membership of the Group
Pension Scheme as described on page 56.
b) Payments to former directors
Details of payments made to former directors during the year are:
Unfunded pensions 2011
£000
2010
£000
Clinton Silver 111 108
The pension entitlement for Clinton Silver is supplemented by an additional unfunded pension paid by the Company.
Approved by the Board
Steven Holliday, Chairman of the Remuneration Committee
London
23 May 2011
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To find out more visit marksandspencer.com/annualreport2011 Directors’ report
67