BT 2003 Annual Report Download - page 68
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Report on directors’ remuneration
BT Annual Report and Form 20-F 2003 67
Pensions continued
Philip Hampton left the company on 30 April 2002. His pension accrued at the rate of one-thirtieth of his final
salary for each year of service. In addition, a two-thirds widow’s pension would have been payable on his death.
He was a member of the BT Pension Scheme, but as he was subject to the earnings cap, the company agreed
to increase his benefits to the target level by means of a non-approved, unfunded arrangement. On leaving
the company his deferred pension was increased to the level it would have been had he completed
two years’ service.
The table below shows the increase in the accrued benefits, including those referred to above, to which each
director has become entitled during the year and the transfer value of the increase in accrued benefit:
Accrued pension
Transfer value of
accrued benefits
Change in
transfer
value c-d
less directors’
contributions
Additional
accrued
benefits
earned in
the year
Transfer value
of increase in
accrued
benefits less
directors’
contributions
2003
£000
a
2002
£000
b
2003
£000
c
2002
£000
d
2003
£000
2003
£000
e
2003
£000
f
P Danon 37 20 286 212 59 17 113
A Green 109 99 1,103 1,420 (343) 7 42
P Reynolds 110 87 1,014 1,141 (151) 20 158
PRHampton
g
29 29 250 347 (97) – –
a-d
As required by the Companies Act 1985 Schedule 7A.
a-b
These amounts represent the deferred pension to which the directors would have been entitled had they left the company on 31 March 2002 and
2003, respectively.
c
Transfer value of the deferred pension in column (a) as at 31 March 2003 calculated on the basis of actuarial advice in accordance with Actuarial Guidance
Note GN11 and excludes directors’ contributions. The transfer value represents a liability of the company rather than any remuneration due to
the individual and cannot be meaningfully aggregated with annual remuneration, as it is not money the individual is entitled to receive.
d
The equivalent transfer value but calculated as at 31 March 2002 on the assumption that the director left service at that date.
e
The increase in pension built up during the year, net of inflation.
f
The transfer value of the pension in column (e), less directors’ contributions.
g
As explained above, Philip Hampton’s pension benefit was increased on leaving the company. The entitlement shown above is after taking account
of this increase, which was allowed for in last year’s accounts.