Aviva 2007 Annual Report Download - page 101
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Aviva plc
Annual Report and
Accounts 2007
97
Governance
Policy How delivered
Aviva Staff Pension Scheme (ASPS)
The UK ASPS provides a competitive post-retirement package. No executive director – Deferred cash payable on
is currently accruing service based benefits in the ASPS. retirement in the form of
The scheme provides accrual at 1/30, 1/45 or 1/60 of annual basic salary depending on a lump sum/monthly payment.
seniority and the date of joining the scheme.
Lump sum death in service benefit of four times basic salary is provided, as is a spouse/
partner’s pension equal to two-thirds of actual or, on death in service and in certain
other circumstances, prospective pension. Post-retirement increases are equivalent to
Retail Price Index (RPI) up to a maximum of 10%. Retirement benefits can be accessed
from age 60.
Other benefits
Other benefits are provided on a market competitive basis. – Cash car allowance
– Private medical insurance
– All-employee share ownership plans.
Overview of the effect on current executive directors
The effect of these policies in 2007 for current executive directors is as follows (details on pension benefits are contained
later in this report):
Andrew Moss, Group Chief Executive
Element Amount Commentary
Basic salary £790,000 during the year. Mr Moss was appointed Group Chief Executive from 1 July with a
As at 1 January £700,000 commensurate increase in basic salary. He was previously Group
As at 31 December £880,000 Finance Director.
Annual Bonus Plan £853,336 Bonus is a function of the degree of achievement of 2007 targets
(97.0% of basic salary) as follows:
Financial 22.5% (maximum 50%)
Employee 7.7% (maximum 10%)
Customer 7.8% (maximum 10%)
Personal 26.7% (maximum 30%).
LTIP – face value £1,050,000 The face value of the grant represented 150% of Mr Moss’s basic
of grant salary on 28 February 2007. This reflected his role as Group Finance
Director at the date of grant.
Aviva Capital £398,750 The Trustee of the Plan accepted Aviva’s recommendation and
Accumulation Plan made an award into the plan taking account of Mr Moss’s then
current and pending roles.
Other benefits £16,120 cash car allowance Mr Moss receives 2% of basic salary as a non-pensionable cash
2% basic salary supplement supplement provided in consideration of his surrendering his
Private medical insurance Unapproved Unfunded Retirement Benefit (UURB) promise at the
cash supplement when accrual in the ASPS ceased.
Philip Scott, Group Finance Director
Element Amount Commentary
Basic salary £565,000 during the year Mr Scott received a basic salary increase from 1 April of £20,000
As at 1 January £550,000 (3.6%).
As at 31 December £570,000
Annual Bonus Plan £641,250 Bonus is a function of the degree of achievement of 2007 targets
(112.5% of basic salary) as follows:
Financial 29.7% (maximum 50%)
Employee 6.8% (maximum 10%)
Customer 8.4% (maximum 10%)
Personal 30.0% (maximum 30%).
LTIP – face value £825,000 The face value of the grant represented 150% of Mr Scott’s basic
of grant salary on 28 February 2007.
Other benefits £16,120 cash car allowance
Private medical insurance