Tesco 2006 Annual Report Download - page 33

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31Tesco plc
Table 2 Pension details of the Directors
Transfer Transfer
Age at Increase Transfer value value
25 February Total Increase in accrued value of total of total Increase
2006/ accrued in accrued pension of previous accrued accrued in transfer
Years of pension at pension during the column at pension at pension at value less
Company 25 February during the year (net of 25 February 26 February 25 February Directors’
service 2006(a) year inflation) 2006 2005 2006 contributions
£000 £000 £000 £000 £000 £000 £000
Sir Terry Leahy (b) 50/27 546 67 54 654 5,117 6,715 1,583
Mr R Brasher 44/19 183 48 44 367 1,025 1,554 522
Mr P A Clarke 45/31 259 31 24 213 1,874 2,365 482
Mr A T Higginson (c) 48/8 173 33 29 294 1,318 1,806 479
Mr T J R Mason 48/24 283 33 26 263 2,341 2,942 592
Mr D T Potts 48/33 286 33 26 272 2,425 3,051 617
(a) The accrued pension is that which would be paid annually on retirement at 60, based on service to 25 February 2006.
(b) Sir Terry Leahy is entitled to retire at any age from 57 to 60 inclusive, with an immediate pension of two-thirds of base salary.
Part of his pension may be provided on an unfunded basis within a separate unapproved arrangement.
(c) Part of Mr A T Higginson’s benefits, in respect of pensionable earnings in excess of the earnings limit imposed
by the Finance Act 1989, are provided on an unfunded basis within a separate unapproved arrangement.
All transfer values have been calculated in accordance with Actuarial Guidance Note GN11.
Table 3 Gains made on share options
Value Value
realisable realisable
Number of shares at exercise price (pence) 2006 2005
104.0 209.5 205.0 247.0 259.0 Total £000 £000
Sir Terry Leahy 248,256 (b) – – – – 248,256 496 162
MrRBrasher ––––––––
Mr P A Clarke – 77,683 (c) 14,634 (c) 299,595 (c) – 391,912 339 707
Mr A T Higginson – – – – – – – 1,094
Mr T J R Mason – – – – – – – 895
Mr D T Potts – – – 299,595 (a) 328,185 (a) 627,780 383 846
Date exercisable 13/10/98 20/4/03 26/6/03 26/4/04 15/4/05
Market price
at exercise
Date of exercise (pence)
(a) 21.07.2005 314.25
(b) 11.10.2005 303.75
(c) 23.02.2006 324.50
The value realisable from shares acquired on exercise is the difference between the market value at exercise and the exercise price
of the option, although the shares may have been retained. The share price at 25 February 2006 was 335.50 pence. The share price
during the 52 weeks to 25 February 2006 ranged from 294.75 pence to 335.75 pence.