Vodafone 2013 Annual Report Download - page 81

Funding
A mixture of newly issued shares, treasury shares and shares purchased in the market by the employee benet trust are used to satisfy share-based
awards. This policy is kept under review.
Audited information for executive directors
Remuneration for the year ended 31 March 2013
This table1 shows the remuneration of the executive directors during the year in the currently prescribed format. The table on page 70 includes a
value for GLTI payments.
Vittorio Colao Andy Halford Michel Combes Stephen Pusey
2013
£’000
2012
£’000
2013
£’000
2012
£’000
20132
£’000
2012
£’000
2013
£’000
2012
£’000
Salary/fees 1,110 1,099 700 700 461 785 575 569
GSTIP3731 1,037 461 654 461 728 379 537
Cash in lieu of GLTI dividends 1,961 545 1,291 333 1,016 326 733 110
Cash in lieu of pension 333 330 210 210 138 236 173 171
Benets /other430 24 35 30 16 25 21 21
Total 4,165 3,035 2,697 1,927 2,092 2,100 1,881 1,408
Notes:
1 The information in this table is audited.
2 Michel Combes’ payments for the 2013 nancial year are based on his employment which ended 31 October 2012.
3 Payments are made in June following the end of the nancial year.
4 Includes amounts in respect of cost of living allowance, private healthcare and car allowance.
The aggregate remuneration we paid to our Executive Committee (other than our executive directors) for services for the year ended 31 March 2013
is set out below. The number of Executive Committee members increased by two during the year.
2013
£’000
2012
£’000
Salaries/fees 3,916 2,822
GSTIP12,987 2,758
Cash in lieu of GLTI dividends 3,037 490
Cash in lieu of pension 871 747
Benets/other 1,096 169
Total 11,907 6,986
Note:
1 The GSTIP gure comprises the incentive scheme information for the Executive Committee members on an equivalent basis to that disclosed for executive directors at the beginning of the report. Details of share incentives
awarded to directors and other members of the Executive Committee are included in footnotes to “Directors’ interests in the shares of the Company – Long-term incentives” on page 80.
Pensions
Vittorio Colao, Andy Halford and Stephen Pusey take a cash allowance of 30% of base salary in lieu of pension contributions.
The Executive Committee, including the executive directors, are provided benets in the event of death in service. They also have an entitlement
under a long-term disability plan from which two-thirds of base salary, up to a maximum benet determined by the insurer, would be provided until
normal retirement date.
Pension benets earned by the director in the year ended 31 March 2013 were:
Total accrued benet
at 31 March 20131
£’000
Change in accrued
benet over the year1
£’000
Transfer value at 31
March 20122
£’000
Transfer value at 31
March 20132
£’000
Change in transfer
value over year less
member
contributions
£’000
Change in accrued
benet in excess of
ination3
£’000
Transfer value of
change in accrued
benet net of
member
contributions
£’000
Employer allocation/
contribution to
dened contribution
plans
£’000
Andy Halford 19.6 0.9 846.9 907.6 60.7 0.4 20.8 –
Notes:
1 Andy Halford took the opportunity to take early retirement from the pension scheme due to the closure of the scheme on 31 March 2010 (aged 51 years). In accordance with the scheme rules, his accrued pension at this date
was reduced with an early retirement factor for four years to reect the fact that his pension is being paid before age 55 and is therefore expected to be paid out for a longer period of time. In addition, Andy Halford exchanged
part of his early retirement pension at 31 March 2010 for a tax-free cash lump sum of £118,660. The pension in payment at 31 March 2010 was £17,800 per year. The pension increased on 1 April 2011 and 1 April 2012 by 5%, in
line with the scheme rules, to £19,624 per year from 1 April 2012 as shown above. No member contributions are payable as Andy Halford is in receipt of his pension.
2 The transfer value at 31 March 2013 has been calculated on the basis and methodology set by the trustees after taking actuarial advice, as set out in the papers entitled “Calculation of cash equivalent transfer values” dated
January 2011 and “Sex-specic actuarial factor” dated March 2011. No director elected to pay additional voluntary contributions. The transfer value disclosed above does not represent a sum paid or payable to the individual
director. Instead it represents a potential liability of the pension scheme.
3 Ination has been taken as the increase in the retail price index over the year to 30 September 2012 of 2.6%.
In respect of the Executive Committee, the Group has made aggregate contributions of £99,000 (2012: £100,000) into dened contribution
pension schemes.
79 Vodafone Group Plc
Annual Report 2013
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