BT 2003 Annual Report Download - page 117

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31. Pension costs continued
The net pension cost of £215 million for the year ended 31 March 2003 under FRS 17 is £107 million lower than
the profit and loss charge recognised under SSAP 24.
The movements in the net pension liability, on an FRS 17 basis, during the year ended 31 March 2003 were:
£m
Deficit at 1 April 2002 1,830
Current service cost 444
Contributions (611)
Past service costs 60
Other finance income (289)
Actuarial loss recognised 7,599
Deficit at 31 March 2003 9,033
Net pension liability, post tax, at 31 March 2003 6,323
The history of experience gains (losses) which would have been recognised under FRS 17 were:
Difference between expected and actual return on scheme assets:
Amount (£m) (6,995)
Percentage of scheme assets 32.5%
Experience gains and losses on scheme liabilities:
Amount (£m) 1,056
Percentage of the present value of scheme liabilities 3.5%
Total amount recognised in statement of total recognised gains and losses:
Amount (£m) (7,599)
Percentage of the present value of scheme liabilities 24.9%
32. Directors
Directors’ emoluments
The emoluments of the directors for the year ended 31 March 2003 and the benefits received under the long-term
incentive plans were, in summary, as follows:
2003
£000
2002
£000
2001
£000
Salaries 3,212 2,223 2,199
Performance-related and special bonus 2,309 1,691 1,036
Deferred bonus in shares 1,484 492 531
Other benefits 644 160 182
7,649 4,566 3,948
Payments to non-executive directors 294 414 388
Total emoluments 7,943 4,980 4,336
Gain on the exercise of share options
a
–75 –
Value of shares vested under the Executive Share Plan and Retention Share Plan
b
411 483 782
a
The amount for the year ended 31 March 2002 is entirely attributable to former directors.
b
The amount for the year ended 31 March 2001 is entirely attributable to former directors.
More detailed information concerning directors’ remuneration, shareholdings, pension entitlements, share options
and other long-term incentive plans is shown in the report on directors’ remuneration on pages 58 to 72.
Notes to the financial statements
116 BT Annual Report and Form 20-F 2003