Marks and Spencer 1999 Annual Report Download - page 14

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ANNUAL REPORT AND FIN ANCIAL STATEMENTS 1999
12
3 DIRECTORS’ PEN SION INFORMATION (CO N TIN U ED )
D uring the period under review the following directors were awarded an Early Retirement Pension payable until the normal senior management
retirement age of 60:
Date of Awarded per Period of
retirement annum payment
£000
* There is still the option for these awards to be commuted.
Payments made during the year under Early Retirement Pension arrangements awarded in previous years:
Early Retirement Pension paid
Date of retirement during year to 31 March 2000
£000
JKO ates 31 January 1999
PP D Smith 31 March 1999
D KHayes 31 May 1999
C Littmoden 31 May 1999
SJSacher 31 May 1999
D G Trangmar 31 March 1998
The Hon D avid Sieff 31 March 1997
4 PAYMENTS TO FORMER DIRECTORS
In relation to three former directors, their Pension Scheme entitlement is supplemented by an additional, unfunded, pension paid by the Company.
Pensions paid by the Company to former directors were:
2000 1999
£000 £000
Lord Sieff of Brimpton 63
The Lord Rayner(1) 21
C V Silver 82
166
(1) Payments were made until The Lord Rayner’s death on 29 June 1998.
D ue to the continuing ill health of Lord Sieff the Company no longer incurs the cost of providing administrative support for the position of
Honorary President but has instead met costs relating to his necessary daily care assistant. Payments of this nature in the period under review
amount to £• (last year £73,000).
Additional payments amounting to £• (last year £70,000) have been made to C V Silver in respect of consultancy services provided to the
Company.
5 LONG-TERM BENEFITS
The Company operates two types of share option scheme:
(i) a Save As You Earn (SAYE) O ption Scheme approved by shareholders in 1981 and renewed by shareholders in 1987 and 1997.
The Scheme is open to all employees, including executive directors, who have completed two years’ service and who open an approved
savings contract. Inland Revenue rules limit the maximum amount which can be saved to £250 per month.W hen the savings contract is started
options are granted to acquire the number of shares that the total savings will buy when the savings contract matures; options cannot normally
be exercised until a minimum of three years has elapsed.
REMUN ERATIO N REPO RT