Unilever 2002 Annual Report Download - page 56

Remuneration report 53
Unilever Annual Report & Accounts and Form 20-F 2002
Directors’ pension values for the year ended 31 December 2002 were as follows:
Increase Difference
in total Total Transfer Transfer between
accrued accrued value of value of 2001 & 2002
annual annual accrued accrued transfer
Age at benefit benefit at benefit at benefit at values less
31 December 2002 during 31 December 31 December 31 December individual
years months 2002(1) 2002(1) 2002(2) 2001(2) contributions(2)(3)
NV (1) ’000 ’000 ’000 ’000 ’000
A Burgmans (4) 55 11 138 571 9 747 6 312 3 435
P J Cescau (5) 54 3 26 584 7 754 7 807 (53)
A R van Heemstra 56 11 66 405 6 702 5 753 949
$’000 $’000 $’000 $’000 $’000
C B Strauss 59 11 70 800 12 390 11 364 1 026
PLC £’000 £’000 £’000 £’000 £’000
N W A FitzGerald (6) 57 4 111 718 11 720 9 420 2 300
A C Butler 56 6 36 366 5 730 5 200 530
K B Dadiseth 57 0 67 419 6 950 5 790 1 160
R H P Markham 56 10 54 393 6 340 5 460 880
(1) The accrued annual benefits are calculated on the basis that directors would have left service at 31 December 2002 and include all
benefits provided from Unilever pension plans. Under the NV directors’ arrangement, which operates on the basis of a justifiable
expectation and does not provide any vested deferred entitlement, NV directors leaving before age 55 are only entitled to benefits from
other Unilever pension plans, while for those terminating service at age 55 or older an immediate, but reduced, pension is shown in
line with their expectations under the NV directors’ arrangement. Under the PLC directors’ arrangement, directors terminating service
between age 55 (50 or older for directors appointed prior to 1 January 1999) and age 60 may elect for early payment of their deferred
benefits on a reduced basis.
(2) The transfer values for the NV directors’ arrangement are calculated on the basis used by the Unilever Netherlands pension plan
(Progress), in line with the Netherlands regulations. The transfer values for the PLC directors’ arrangement are calculated on the basis
used by the Unilever United Kingdom pension plan (UPF), in line with the GN11 guidance note published by the Institute and Faculty
of Actuaries in the United Kingdom.
(3) During 2002 no compulsory contributions were paid by any director, in line with the then current practice for all employees in the
Netherlands, the United Kingdom and the United States.
(4) Reached age 55 during the year, therefore the increase in total accrued benefit during 2002 was calculated using the 31 December
2001 total accrued annual benefit, actuarially converted to be consistent with the form of the 31 December 2002 accrued annual benefit.
(5) Moved to NV directors’ arrangement with effect from 1 January 2002 with a deferred benefit in the PLC directors’ arrangement.
(6) During 2002, the qualifying age for pension for N W A FitzGerald was reduced from 60 years 9 months to 60 years, in line with the
qualifying age for the other directors. The effect of this change was to increase his accrued annual benefit by £19 thousand and his
transfer value by £940 thousand.
Supplementary disclosures on directors’ pensions required by the Listing Rules of the Financial Services Authority:
Transfer value at
Increase in accrued 31.12.2002 of
annual benefit the increase in
excluding inflation accrued benefit
during 2002(1) excluding inflation(2)(3)
NV ’000 ’000
ABurgmans (4) 121 2 955
PJCescau (5) 18 225
ARvan Heemstra 53 849
$’000 $’000
CBStrauss 42 862
PLC £’000 £’000
NWAFitzGerald (6) 102 2 165
ACButler 31 466
KBDadiseth 62 1 014
RHPMarkham 49 784
For footnotes please refer above.
Report of the Directors