DHL 2015 Annual Report Download - page 133
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Deutsche Post Group — Annual Report
Pensionable income consists of the annual base salary (xed annual remuneration)
computed on the basis of the average salary over the last twelve calendar months of
employment. Members of the Board of Management attain a pension level of aer
ve years of service. e maximum pension level of is attained aer ten years of
service. Subsequent pension benets increase or decrease to reect changes in the con-
sumer price index in Germany.
Pension commitments under the previous system .
Pension commitments
Pension
level on
31 Dec. 2014
%
Pension
level on
31 Dec. 2015
%
Maximum
pension level
%
Present
value on
31 Dec. 2014
€
Present
value on
31 Dec. 2015
€
Dr Frank Appel, Chairman 50 50 50 17,206,903 15,922,337
Jürgen Gerdes 25 25 50 7,248,450 6,863,181
Total 24,455,353 22,785,518
Pension commitments under the new system
Since March , newly appointed Board of Management members have been
granted pension commitments based upon a dened contribution plan. Under the
dened contribution pension plan, the company credits an annual amount of of
the annual base salary to a virtual pension account for the Board of Management
member concerned. e maximum contribution period is years. e pension capital
accrues interest at an annual rate equal to the “iBoxx Corporates + Annual Yield”
rate, or at an annual rate of . at minimum, and will continue to do so until the
pension benets fall due. e pension benets are paid out in a lump sum in the amount
of the value accumulated in the pension account. e benets fall due when the Board
of Management member reaches the age of or in the case of invalidity or death whilst
in oce. In the event of benets falling due, the pension beneciary may opt to receive
an annuity payment in lieu of a lump sum payment. If this option is exercised, the cap-
ital is converted to an annuity payment, taking into account the average “iBoxx Corpor-
ates + Annual Yield” for the past ten full calendar years as well as the individual
data of the surviving dependants and a future pension increase of per year.
123
Corporate Governance — CORPORATE GOVERNANCE REPORT — Remuneration report