HSBC 2005 Annual Report Download - page 231

Audited Information
229
Accrued
annual
pension at
31 December
2005
Increase in
accrued
pension
during
2005
Increase in
accrued
pension during
2005,
excluding
any increase
for inflation
Transfer
value
of accrued
pension at
1 January
2005
Transfer
value
of accrued
pension at
31 December
2005
Increase of
transfer value
of accrued
pension (less
personal
contributions)
in 2005
Transfer value
(less personal
contributions)
at
31 December
2005 relating
to increase
in accrued
pensions
during 2005,
excluding any
increase for
inflation
£000 £000 £000 £0001£0001£0001£0001
Sir John Bond2 ..... 546 34 20 9,230 10,667 1,438 395
D G Eldon3,4 ........ 290 12 10 5,275 5,596 313 179
M F Geoghegan5,6 .557 372 367 4,042 12,495 8,436 8,230
S K Green ............ 335 47 40 4,401 5,758 1,357 682
A W Jebson ......... 200 19 14 2,612 3,231 619 225
1The 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.
2On 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 which, at 31 December 2005, is shown above.
3Retired as a Director on 27 May 2005. On attaining age 53, D G Eldon was able, under the terms of the scheme, to retire at any time
with an immediate pension equal to his accrued pension which, at 31 December 2005, is shown above.
4D G Eldon retired from the Group with effect from 30 May 2005. He elected to commute all of his pension entitlement of £290,000 per
annum for a lump sum of £3,770,000. The HSBC International Staff Retirement Benefits Scheme retains a liability to pay a contingent
spouse’s pension equal to 50 per cent of the commuted pension. The accrued pensions and transfer values stated in the above table do
not reflect the commutation of the pension entitlement on retirement. As required by the rules of the HSBC International Staff Retirement
Benefits Scheme, D G Eldon made personal contributions towards his pension of £8,119 in respect of 2005.
5As required by the rules of the HSBC International Staff Retirement Benefits Scheme, M F Geoghegan made personal contributions
towards his pension of £16,797 in respect of 2005.
6As at 31 March 2006, under the revised pension arrangements described above, M F Geoghegan’s accrued pension will amount to
£571,000 per annum and it is estimated that the transfer value of that accrued pension, at that date, will amount to £12,919,000.
The following unfunded pension payments, in
respect of which provision has been made, were
made during 2005 to five former Directors of HSBC
Holdings:
2005
£
2004
£
B H Asher ....................... 90,465 85,443
C F W de Croisset ............ 178,344 –
R Delbridge ..................... 130,120 122,891
Sir Brian Pearse ............... 54,261 51,246
Sir William Purves ........... 95,767 90,453
548,957 350,033
The payments in respect of R Delbridge and Sir
Brian Pearse were made by HSBC Bank plc as
former Directors of that bank. The payment in
respect of C F W de Croisset was made by HSBC
France as a former Director of that bank.
Share options
At 31 December 2005, the undernamed Directors
held options to acquire the number of HSBC
Holdings ordinary shares set against their respective
names. The options were awarded for nil
consideration at exercise prices equivalent to the
market value at the date of award, except that