Marks and Spencer 2015 Annual Report Download - page 106

Download and view the complete annual report

Please find page 106 of the 2015 Marks and Spencer annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 132

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132

104
MARKS AND SPENCER GROUP PLC
FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
CONTINUED
10 EMPLOYEES
A. Aggregate remuneration
The aggregate remuneration and associated costs of Group employees were:
2015
Total
£m
2014
Total
£m
Wages and salaries 1,224.3 1,197.5
Social security costs 80.9 85.9
Other pension costs 85.4 92.4
Share-based payments (see note 13) (1.1) 21.3
Employee welfare and other personnel costs 49.7 49.5
Capitalised sta ng costs (33.0) (35.7)
Total aggregate remuneration 1,406.2 1,410.9
Details of key management compensation are given in note 28.
B. Average monthly number of employees
2015 2014
UK stores
– management and supervisory categories 5,516 5,533
– other 64,182 67,678
UK head o ce
– management and supervisory categories 3,055 3,176
– other 866 724
UK operations
– management and supervisory categories 225 92
– other 835 660
Overseas 8,390 7,950
Total average number of employees 83,069 85,813
If the number of hours worked was converted on the basis of a normal working week, the equivalent average number of full-time employees
would have been 59,096 (last year 61,176).
C. Directors’ emoluments
Emoluments of directors of the Company are summarised below:
2015
£000
2014
£000
Aggregate emoluments 7,567 6,395
The emoluments include payments to directors who retired from the Board in 2014/15 of £362,000 (last year £430,000).
11 RETIREMENT BENEFITS
The Group provides pension arrangements for the benefi t of its UK employees through the Marks & Spencer UK Pension Scheme (a defi ned
benefi t arrangement which was closed to new entrants with e ect from 1 April 2002) and Your M&S Pension Saving Plan (a defi ned
contribution arrangement which has been open to new members with e ect from 1 April 2003).
The defi ned contribution plan is a pension plan under which the Group pays contributions to an independently administered fund, such
contributions are based upon a fi xed percentage of employees’ pay. The Group has no legal or constructive obligations to pay further
contributions to the fund once the contributions have been paid. Members’ benefi ts are determined by the amount of contributions
paid by the Group and the member, together with investment returns earned on the contributions arising from the performance of each
individual’s chosen investments and the type of pension the member chooses to buy at retirement. As a result, actuarial risk (that benefi ts
will be lower than expected) and investment risk (that assets invested in will not perform in line with expectations) fall on the employee.
The defi ned benefi t arrangement operates on a fi nal salary basis and at the year end had some 12,000 active members (last year 13,000),
54,000 deferred members (last year 55,000) and 51,000 pensioners (last year 51,000). At the year end, the defi ned contribution arrangement
had some 38,000 active members (last year 38,000) and some 6,000 deferred members (last year 5,000). The scheme is governed by a
Trustee board which is independent of the Group.
The Group also operates a small funded defi ned benefi t pension scheme in the Republic of Ireland. This scheme closed to future accrual
from 31 October 2013. Retirement benefi ts also include a UK post-retirement healthcare scheme and unfunded retirement benefi ts.