Merck 2014 Annual Report Download - page 155
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150 CORPORATE GOVERNANCE → Statement on Corporate Governance
Pension provisions
The individual contractual pension obligations grant the members
of the Executive Board entitlement to a lifelong old-age pension
or surviving dependents’ pension in the event of reaching the in-
dividual contractually agreed age limit, permanent disability or
death. As an alternative to an old-age pension, upon reaching the
age limit specified in their individual contracts, the members of
the Executive Board have been offered the possibility to receive
their pension entitlement in the form of a one-time lump-sum
payment calculated in accordance with actuarial principles.
The amount of the old-age pension is determined by a percentage
share of pensionable compensation defined by the Personnel
Committee.
The individual values are presented in the following table:
Pensionable
compensation
(€thousand)
Percentage
entitlement
Karl-Ludwig Kley 900 70
Stefan Oschmann 650 55
Kai Beckmann 400 47
Marcus Kuhnert 300 40
Bernd Reckmann 650 62
The percentage entitlement increases up until retirement by two percentage points per year of service up to 70 % for Kai Beckmann and Bernd Reckmann as of 2016. Their pension entitlement
was thus increased in 2014.
For Marcus Kuhnert, as of 2016 the percentage entitlement will increase up until retirement by 2 percentage points per year of service up to 70 %.
The pension provisions and the service cost are presented in the follow-
ing table.
Service cost
€ thousand 2014 2013
Amount of pension
provisions as of
Dec.31, 2014
Karl-Ludwig Kley 1,127 1,179 13,380
Stefan Oschmann 549 605 2,963
Kai Beckmann 108 115 5,460
Marcus Kuhnert 144 – 144
Bernd Reckmann 215 224 10,586
Matthias Zachert 1 0 342 0
Total 2,143 2,465 32,533
1 Due to Matthias Zachert’s departure, he will no longer have any entitlement to pension payments.