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Tesco PLC Annual Report and
Financial Statements 2008
32
Directors’ remuneration report continued
Table 2 Pension details of the Directors
Executive Directors are members of the Tesco PLC Pension Scheme which provides a pension of up to two-thirds of base salary on retirement, normally
at the age of 60, dependent upon service. The Scheme also provides for dependants’ pensions and lump sums on death in service. The Scheme is a
defined-benefit pension scheme, which is approved by HMRC.
(a)
Increase in Transfer Transfer
accrued Transfer value value
Total Increase pension value of (a) of total of total Increase
accrued in accrued during at 23 February accrued accrued in transfer
pension at pension the year 2008 (less pension at pension at value (less
Age at Years of 23 February during (net of Director’s 24 February 23 February Director’s
23 February Company 20081, 2 the year inflation) contributions) 2007 2008 contributions)
2008 service £000 £000 £000 £000 £000 £000 £000
Mr R Brasher 46 21 293 52 43 408 2,559 2,767 208
Mr P A Clarke 47 33 331 36 24 244 3,364 3,343 (21)
Mr A T Higginson 50 10 252 40 32 370 2,711 2,882 171
Sir Terry Leahy351 29 705 78 53 1,006 9,350 10,141 791
Mr T J R Mason 50 26 361 39 26 294 4,132 4,123 (9)
Miss LNeville-Rolfe 55 10 166 41 37 543 1,885 2,444 559
Mr D T Potts 50 35 364 38 26 305 4,281 4,285 4
1 The accrued pension is that which would be paid annually on retirement at 60 based on service to 23 February 2008.
2 Some of the Executive Directors’ benefits are payable from an unapproved pension arrangement, some of which are secured by a fixed and floating charge on a cash deposit.
3 Sir Terry Leahy is entitled to retire at the age of 57 to 60 inclusive with an immediate pension of two-thirds of base salary.
All transfer values have been calculated in accordance with Actuarial Guidance Note GN11.
Table 3 Gains made on share options
Value realisable1
Number of Option Market
Date Date Date of options price price at 2007/8 2006/7
of grant exercisable exercise exercised (pence) exercise Total £000 £000
Mr R Brasher ––––––––465
Mr P A Clarke 30.04.2004 30.04.2007 08.05.2007 434,353 253.25 468.500 434,353 935 1,026
Mr A T Higginson ––––––––2,266
SirTerryLeahy –––––––––
MrTJ RMason ––––––––1,023
Miss LNeville-Rolfe 30.04.2004 30.04.2007 08.05.2007 128,350 253.25 466.875 128,350 274 –
Mr D T Potts 30.04.2004 30.04.2007 08.05.2007 434,353 253.25 473.250 434,353 956 820
Total 997,056 997,056 2,165 5,600
1 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 23 February 2008 was 400.25p. The share price during the 52 weeks to 23 February 2008 ranged from 386.75p to 492.00p.
2 Gains made on Save As You Earn share options are not included above. These are detailed in Table 5.
3 Gains made on nil cost options awarded under the Performance Share Plan are not included above. These are detailed in Table 6.
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