HSBC 2001 Annual Report Download - page 152

HSBC HOLDINGS PLC
Report of the Directors (continued)
150
Accrued annua
l
p
ension a
t
31 December 2001
£000
I
ncrease in accrue
d
pension during 2001,
excluding any
increase for inflation
£000
P
ersona
l
contributions
towards pension
£000
Transfer value
relating to
increase in
accrued pension
£0001
Sir John Bond ..................... 270 74

1,3952
C F W de Croisset............... 48 3

32
W R P Dalton...................... 2513


D G Eldon4.......................... 230 15 13 292
S K Green ........................... 140 27

353
A W Jebson......................... 106 28

352
K R Whitson ....................... 221 63

1,093
1 The transfer value represents a liability of HSBC’s pension funds and not a sum paid or due to the individual; it cannot therefore
meaningfully be added to annual remuneration.
2 On attaining age 60, Sir John Bond has been able, under the terms of the scheme, to retire at any time with an immediate pension
equal to his accrued pension. This immediate pension entitlement amounted to £257,000 per annum.
3 Entitlement unchanged at C$560,000 – difference over 2001 reflects movement in exchange rates only.
4 On attaining age 53, Mr Eldon has been able, under the terms of the scheme, to retire at any time with an immediate pension equal
to his accrued pension. This immediate pension entitlement amounted to £211,000 per annum
Only basic salary is pensionable. No other Director
participated in any Group pension schemes and
none of the Directors participating in Group
approved pension schemes is subject to the
earnings cap introduced by the 1989 Finance Act.
Pension payments totalling £329,000 (2000:
£319,000) were made to four former Directors of
HSBC Holdings (B H Asher, R Delbridge, Sir
Brian Pearse and Sir William Purves); of this
£164,000 (2000: £159,000) was paid by HSBC
Bank plc to two of them as former Directors of the
bank. The aggregate amount set aside or accrued to
provide pension, retirement or similar benefits for
Directors and Senior Management for the year
ended 31 December 2001 was US$3,449,000.
Directors’ interests
According to the registers of Directors interests
maintained by HSBC Holdings pursuant to section
325 of the Companies Act 1985 and section 29 of
the Securities (Disclosure of Interests) Ordinance,
the Directors of HSBC Holdings at the year-end
had the following interests, all beneficial unless
otherwise stated, in the shares and loan capital of
HSBC: