National Grid 2008 Annual Report Download - page 623

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 12404
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 98
Description: EXHIBIT 15.1
0/4294.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/294/4*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 12404
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 98 Description: EXHIBIT 15.1
0/4294.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/294/4*
Table of Contents
106
Directors’ Remuneration Re
p
ort continued
National Grid plc
2. Directors’
p
ensions
The table below gives details of the Executive Directors’ pension benefits in accordance with both Schedule 7A of the
Companies Act 1985 and the UK Listing Authority’s Listing Rules.
Transfer value
of increase in
Additional Additional accrued benefit
Personal benefit earned Increase in benefit earned in in the year ended
contributions during year Accrued Transfer value of accrued transfer the year ended 31 March 2008
made to the ended entitlement as at benefits as at 31 March (i) value less 31 March 2008 (excluding inflation
scheme 31 March 2008 31 March 2008 Director's (excluding & Director
during the year pension pension 2008 2007 contributions inflation) pension contributions)
Table 2 £000s £000s £000s £000s £000s £000s £000s £000s
Steve Holliday
(ii) 17 75 232 4,730 2,745 1,967 69 1,374
Bob Catell
(
iii
)
–
147 1,087 12,774 11,807 967 147 1,730
Steve Lucas 30 26 225 3,680 3,535 115 19 286
Nick Winser
(
iv
)
27 18 170 3,237 2,406 805 12 187
Mark Fairbairn
(
v
)
25 44 160 3,340 2,014 1,300 40 783
Tom Kin
g
(
vi
)
–
55 55 207
–
207 55 207
Edward Astle 17 18 97 1,997 1,416 562 15 301
(i) The transfer values shown at 31 March 2007 and 31 March 2008 respectively represent the value of each Executive Director’s accrued benefits based on total service compared to the
relevant date. The transfer values for the UK Executive Directors have been calculated in accordance with guidance note ‘GN11’ as adopted and amended by the Board of Actuarial
Standards. The transfer values for the US-based Executive Directors have been calculated using discount rates based on high yield US corporate bonds and associated yields at the
relevant dates.
(ii) The above information takes into account a lump sum benefit related to a previous transfer in. This means that as well as the pension quoted above, there is an accrued lump sum
entitlement of £100,000 as at 31 March 2008. The increase to the accumulated lump sum including inflation was £23,000 and excluding inflation was £20,000 in the year to 31
March 2008. The transfer value information above includes the value of the lump sum.
(iii) Bob Catell joined the Board on 25 September 2007. In accordance with the buy out of Bob Catell’s contractual severance arrangements, a payment of £4,769,306 (£3,232,670 net of
excise tax) was made on 10 January 2008. This amount reflected the present value of the change in Bob’s SERP benefit and is additional to the benefits shown in the table. The
exchange rate as at 10 January 2008 used to convert the figures from US dollars to pounds sterling was US$1.96:£1. Through participation in the Thrift Plan in the US, the Company also
made contributions worth £3,355 to a defined contribution pension arrangement. The exchange rate as at 31 March 2008 was US$1.98: £1 and as at 31 March 2007 was US$1.97:£1.
(iv) The above information allows for the accrual of a pension benefit of two thirds at age 60 taking into account standard benefits earned prior to 1 September 1998. This means that, as well
as the pension above, there is an accrued lump sum entitlement of £250,000 as at 31 March 2008. The increase to the accumulated lump sum including inflation was £14,000 and
excluding inflation was £5,000 in the year to 31 March 2008. The transfer value information above includes the value of the lump sum.
(v) The above information takes into account a lump sum benefit relating to a previous transfer-in. This means that, as well as the pension above, there is an accrued lump sum entitlement of
£255,000 as at 31 March 2008. The increase to the accumulated lump sum including inflation was £58,000 and excluding inflation was £50,000 in the year to 31 March 2008. The transfer
value information above includes the value of the lump sum.
(vi) Tom King joined the Board on 13 August 2007. The above information takes into account a service credit of 9 years and 1 month. The exchange rate as at 31 March 2008 was US$1.98:
£1 and as at 31 March 2007 was US$1.97:£1.