Aviva 2013 Annual Report Download - page 237

Strategic report Governance IFRS Financial statements Other information
Aviva plc
Annual report and accounts 2013
235
Notes to the consolidated financial statements continued
61 – Related party transactions
This note gives details of the transactions between Group companies and related parties which comprise our joint ventures,
associates and staff pension schemes.
The Group undertakes transactions with related parties in the normal course of business. Loans to related parties are made
on normal arm’s-length commercial terms.
Services provided to, and by related parties
2013 20121
Income
earned in
period
£m
Expenses
incurred
in period
£m
Payable
at period
end
£m
Receivable
at period
end
£m
Income
earned in
period
£m
Expenses
incurred
in period
£m
Payable
at period
end
£m
Receivable
at period
end
£m
Associates 3 (3) — 11 — (4) — 9
Joint ventures 51 — — 56 23 (1) — 54
Employee pension schemes 12 — — 9 12 — — 6
66 (3) — 76 35 (5) — 69
1 Restated for the adoption of IFRS 10. See note 1 for details.
Transactions with joint ventures in the UK relate to the property management undertakings, the principal ones of which are
listed in note 19(a)(iii). Our interest in these joint ventures comprises a mix of equity and loans, together with the provision of
administration services and financial management to many of them. Our UK life insurance companies earn interest on loans
advanced to these entities, movements in which may be found in note 19(a)(i).
Our fund management companies also charge fees to these joint ventures for administration services and for arranging
external finance.
Our UK fund management companies manage most of the assets held by the Group’s main UK staff pension scheme, for
which they charge fees based on the level of funds under management. The main UK scheme holds investments in Group-
managed funds and insurance policies with other Group companies, as explained in note 49(b)(ii).
The related parties’ receivables are not secured and no guarantees were received in respect thereof. The receivables will be
settled in accordance with normal credit terms. Details of guarantees, indemnities and warranties provided on behalf of related
parties are given in note 53(f).
Key management compensation
The total compensation to those employees classified as key management, being those having authority and responsibility for
planning, directing and controlling the activities of the Group, including the executive and non-executive directors is as follows:
2013
£m
2012
£m
Salary and other short-term benefits 5.3 4.7
Other long-term benefits 1.6 0.4
Post-employment benefits 1.1 1.9
Equity compensation plans 3.3 4.8
Termination benefits 1.1 1.5
Total 12.4 13.3
Information concerning individual directors’ emoluments, interests and transactions is given in the Directors’ Remuneration Report.