Tesco 2006 Annual Report Download - page 83

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81Tesco plc
Note 22 Share-based payments continued
c) Historical fair value information
The fair value of all awards relating to pre-February 2004 but impacting the Income Statement in these financial statements are
included below:
Award date Plan type Fair value of individual award at grant date (pence)
October 1999 Save As You Earn – 5 year scheme 69
May 2000 Executive incentive scheme 209
June 2000 Save As You Earn – 5 year scheme 74
October 2000 Save As You Earn – 5 year scheme 90
April 2001 Executive incentive scheme 258
April 2001 Executive options 73
May 2001 Executive incentive scheme 246
November 2001 Save As you Earn – 5 year scheme 86
November 2001 Save As you Earn – 3 year scheme 76
April 2002 Executive incentive scheme 255
April 2002 Executive options 77
May 2002 Executive incentive scheme 262
November 2002 Save As You Earn – 5 year scheme 62
November 2002 Save As You Earn – 3 year scheme 56
April 2003 Executive options 49
May 2003 Executive incentive scheme 203
May 2003 Shares in Success 197
November 2003 Save As You Earn – 5 year scheme 80
November 2003 Save As You Earn – 3 year scheme 72
Note 23 Post-employment benefits
Pensions
The Group operates a variety of post-employment benefit arrangements, which cover the majority of employees worldwide. These
include funded defined contribution and funded and unfunded defined benefit plans. The most significant of these are the funded
defined benefit schemes for the Group’s employees in the UK, the Republic of Ireland and South Korea.
Defined contribution plans
The contributions payable for defined contribution schemes of £7m (2005 – £2m) have been fully expensed against profits in the
current year.
Defined benefit plans
United Kingdom
The principal plan within the Group is the Tesco PLC Pension Scheme, which is a funded defined benefit pension scheme in the UK,
the assets of which are held as a segregated fund and administered by trustees. An independent actuary, using the projected unit
method, carried out the latest triennial actuarial assessment of the scheme as at 31 March 2005.
At the date of the lastactuarial valuation the actuarial deficit was £153m. The market value of the schemes’ assets represented 95%
of the benefits that had accrued to members, after allowing for expected increases in earnings and pensions in payment.
The T&S Stores PLC Senior Executive Pension Scheme is a funded defined benefit scheme open to senior executives and certain
other employees at the invitation of the company. An independent actuary, using the projected unit method, carried out the latest
actuarial assessment of the scheme as at 1 April 2004.
Overseas
The most significant overseas scheme is the funded defined benefit scheme which operates in the Republic of Ireland. An independent
actuary,using the projected unit method, carried out the latest actuarial assessment of the scheme as at 1 April 2004.
The valuations used for IAS 19 have been based on the most recent actuarial valuations and updated by Watson Wyatt Limited to
takeaccount of the requirements of IAS 19 in order to assess the liabilities of the schemes as at 25 February 2006. The schemes’
assets are stated at their market values as at 25 February 2006. Buck Consultants (Ireland) Limited have updated the most recent
Republic of Ireland valuation. The liabilities relating to post-retirement healthcare benefits have also been determined in accordance
with IAS 19, and areincorporated in the following tables.