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TESCO PLC 11
PENSIONS
Executive Directors are members of the Tesco PLC Pension Scheme
which provides a pension of up to two-thirds of base salary on
retirement, normally at the age of 60, dependent upon service. The
scheme also provides for dependants’ pensions and lump sums on death
in service. The scheme is a defined benefit pension scheme, which is
approved by the Inland Revenue.
SERVICE AGREEMENTS
The Committee has agreed that in future, new appointments of
Executive Directors will normally be based on a notice period of 12
months. The Committee reserves the right to vary this period for the
initial period of appointment.
Executive Directors appointed before 1 March 2001 have service
contracts with entitlement to notice of 24 months.
NON-EXECUTIVE DIRECTORS
Non-executive Directors do not have contracts but each
appointment is subject to review every three years. Non-executive
Directors receive a basic fee plus an additional sum in respect of
committee membership. Mr J A Gardiner has the benefit of the use
of a company car.
TABLE 1 Directors’ emoluments
Incentive scheme
Profit- Total Total
Salary sharing Benefits Short-term Long-term 2002 2001
£000 £000 £000 £000 £000 £000 £000
Mr J A Gardiner 333 – 14 – – 347 314
Sir Terry Leahy 842 8 25 819 763 2,457 1,608
Mr D E Reid 651 8 61 635 635 1,990 1,342
Mr R S Ager 417 8 18 409 433 1,285 862
Mr C L Allen 45––––4542
Mr P A Clarke 411 8 20 418 284 1,141 653
Dr H Einsmann 33––––3330
Mr J Gildersleeve 555 8 68 542 564 1,737 1,189
Mr A T Higginson 460 8 49 457 334 1,308 809
Mr T J R Mason 460 8 22 457 423 1,370 874
Mr J W Melbourn 45––––4542
Mrs V Morali 33––––3314
Baroness O’Cathain (a) ––––––13
Mr G F Pimlott 58––––5855
Mr D T Potts 411 8 16 418 297 1,150 651
Mr J M Wemms (a) ––––––318
4,754 64 293 4,155 3,733 12,999 8,816
(a) Former Director.