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TESCO PLC
14
report of the directors on remunerationcontinued
TABLE 3 Pension details of the Directors
Increase in accrued Transfer Accrued total
pension during value of increase pension at
Age at Years of the year (a) during the year 26 Feb 2000 (b)
26 Feb 2000 service £000 £000 £000
Mr T P Leahy 44 21 38 407 229
Mr D E Reid 53 15 34 508 247
Mr R S Ager 54 14 18 274 180
Mr P A Clarke 39 25 4 39 76
Mr J Gildersleeve 55 35 24 379 281
Mr A T Higginson (c) 42 2 14 138 28
Mrs L James (d) 50 15 18 283 82
Mr T J R Mason 42 18 17 166 127
Mr D T Potts 42 27 5 47 96
Mr J M Wemms (e) 60 28 23 240 276
a The increase in accrued pension during the year excludes any increase for inflation.
b The accrued pension is that which would be paid annually on retirement at 60 based on service to 26 February 2000.
c Part of Mr A T Higginson’s benefits, in respect of pensionable earnings in excess of the earnings limit imposed by the Finance Act 1989,
are provided on an unfunded basis within a separate unapproved arrangement.
d Mrs L James took early retirement on 30 April 1999 and is receiving her pension.Transfer values do not apply in these circumstances.
The value of increase during the year has been calculated on a basis consistent with transfer values.The accrued total pension shown
is her pension immediately after retirement.
e Mr J M Wemms’ pension commenced on 8 February 2000 at his normal retirement age.
TABLE 2 Gains made on share options
Number of shares at exercise price (pence) Value realisable
Price at
exercise 2000 1999
61.7 90.3 104.0 Total (pence) £000 £000
Mr T P Leahy –––––––
Mr D E Reid 11,058 194,835 557,712 763,605 181.5 623 –
Mr R S Ager ––––––386
Mr P A Clarke ––––––153
Mr J Gildersleeve ––––––781
Mr A T Higginson –––––––
Mrs L James ––––––466
Mr T J R Mason ––––––594
Mr D T Potts ––––––410
Mr J M Wemms – – 566,603 566,603 188.5 479 232
Date of grant 27 May 1993 27 April 1995 13 October 1995
The value realisable from shares acquired on exercise is the difference between the fair market value at exercise and the exercise price of the
options, although the shares may have been retained.Where individual Directors exercised options on different dates and sold the shares, the price
at exercise shown represents an average of the prices on these dates weighted to the number of options exercised.The market price of the shares
at 26 February 2000 was 169p. The share price during the 52 weeks to 26 February 2000 ranged from 156p to 197p.