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To find out more, visit marksandspencer.com/annualreport2010 71
Operating & Financial review p16
Governance
Financial statements p78
Directors’ pension information
a) Pension benefits
John Dixon is the only executive director who is a member of the Company’s Defined Benefit Pension Scheme. Details of the pension
benefits earned by John Dixon during the year ending 3 April 2010 are shown below:
Age as at
03/04/10
Accrued pension
entitlement at
09/09/09
£000
Accrued
pension
entitlement at
03/04/10
£000
Additional
pension earned
during the
period
£000
Additional
pension earned
during the
period above
inflation
£000
Transfer value
of accrued
pension at
09/09/09
£000
Transfer value
of accrued
pension at
03/04/10
£000
Increase in
transfer value
during the
period
£000
Transfer value
of increase
in accrued
pension during
the period
above
inflation
£000
John Dixon 42 114 120 6 6 1,148 1,307 159 57
The accrued pension entitlement is the deferred pension amount that the director would receive at age 60 if he left the Company on
3 April 2010. The increase in entitlement is the difference between the accrued benefit at the year end and that at the date of appointment
to executive director. The Listing Rules require this to be disclosed excluding inflation.
All transfer values have been calculated on the basis of actuarial advice in accordance with Actuarial Guidance Note GN 11. The
transfer values of the accrued entitlement represent the value of assets that the pension scheme would need to transfer to another pension
provider on transferring the scheme’s liability in respect of the director’s pension benefits. They do not represent sums payable to the
director and therefore cannot be added meaningfully to annual remuneration.
The increase in the transfer value less director’s contributions is the increase in the transfer value of the accrued benefits during the
year after deducting director’s pension contributions to the scheme.
No other executive director participates in the scheme. Instead they receive a salary supplement in lieu of membership of the Group
Pension Scheme as described on page 62.
b) Payments to former directors
Details of payments made to former directors during the year are:
Early retirement pensions (payable until)1
2010
£000
2009
£000
James Benfield (22 April 2009) 785
Derek Hayes (19 November 2008) – 57
Unfunded pensions2
Clinton Silver 108 107
1 Under the Early Retirement Plan, the Remuneration Committee could, at its discretion, offer an unfunded Early Retirement Pension, separate from the Company pension,
which was payable from the date of retirement to age 60. With effect from 31 March 2000, the Early Retirement Plan was withdrawn but payments continue for awards made
before this date.
2 The pension entitlement for Clinton Silver is supplemented by an additional unfunded pension paid by the Company.
For 2009, the details of these pension payments were included within the Director’s emoluments table under Former directors.
Approved by the Board
Steven Holliday, Chairman of the Remuneration Committee
London
24 May 2010