| The British Land Group of Companies Pension Scheme | Age at year end | Additional pension earned during the year £ pa |
Accrued pension entitlement at year end £ pa |
Transfer value of accrued pension at year end £ |
Transfer value of accrued pension at year end £ |
Increase in transfer value less director's contributions paid during the year* £ |
|---|---|---|---|---|---|---|
| Nicholas Ritblat | 43 | 18,600 | 127,500 | 1,005,100 | 1,265,600 | 260,500 |
| Graham Roberts | 46 | 3,700 | 11,100 | 79,300 | 126,900 | 47,600 |
| The British Land Unapproved Retirement Benefits Plan (FURBS) |
Age at year end | Increase in accrued FURBS lump sum entitlement during the year £ |
Total accrued FURBS lump sum entitlement during the year £ |
Transfer value of accrued FURBS lump sum at start of year £ |
Transfer value of accrued FURBS lump sum at year end £ |
Increase in transfer value less director’s contributions paid during the year* £ |
| Graham Roberts | 46 | 144,000 | 358,300 | 108,900 | 235,800 | 126,900 |
| Age at year end | Increase in accrued pension during the year (in excess of inflation) £ pa |
Total accrued pension entitlement at year end £ pa |
Transfer value of additional pension earned less director’s contributions paid during the year* £ |
Increase in accrued FURBS lump sum entitlement during the year (in excess of inflation) £ |
Total accrued FURBS lump sum entitlement at year end £ |
Transfer value of additional FURBS lump sum earned less director’s contributions paid during the year* £ |
Premiums paid in respect of life cover £ |
|
|---|---|---|---|---|---|---|---|---|
| Nicholas Ritblat | 43 | 15,300 | 127,500 | 151,900 | – | – | – | 1,740 |
| Graham Roberts | 46 | 3,400 | 11,100 | 39,000 | 144,000 | 358,300 | 80,300 | 4,684 |
* see note (3b)
Notes
1 The total accrued annual pension and FURBS lump sum entitlement shown are those that would be paid on retirement at age 60 based on service to the end of the year.
2 Members of the Scheme have the option to pay Additional Voluntary Contributions. Neither the contributions nor the resulting benefits are included in the above table.
3 The following is additional information relating to directors’ pensions for those included in the above table:
Tax-approved Scheme
a Normal retirement age for pension arrangements is age 60.
b Members of the Scheme were not required to pay contributions during the year.
c Retirement may take place at any age after 50 subject to the consent of both the Company and the Trustees of the Scheme. Pensions are reduced to allow for their earlier payment.
d On death in service, the Scheme provides a capital sum equal to four times salary and a spouse’s pension of two-thirds of the member’s prospective pension at age 60. If a member is entitled to a deferred pension, a spouse’s pension of two-thirds of the member’s accrued pension is payable on death before or after retirement. These pensions are paid throughout the spouse’s lifetime or until the youngest child reaches age 18 (or age 23 if in full time education), if later.
e Pensions are guaranteed to increase each year in line with the increase in the Retail Prices Index (RPI) subject to a maximum of 5%. The Trustees may grant additional discretionary increases subject to the consent of the Company. Statutory increases apply to pensions during deferment.
f The transfer values have been calculated on the basis of actuarial advice in accordance with Actuarial Guidance Note GN11. The mortality assumptions used were revised during the year to 31 March 2005. The financial assumptions used to calculate the transfer value of benefits from the FURBS have also been revised.
g Transfer value calculations allow for discretionary pension increases such that, in aggregate, pension increases in line with increases in the RPI are valued.
FURBS
a Normal retirement age for pension arrangements is age 60.
b Retirement may take place at any age after 50 subject to the Company’s consent. Benefits are reduced to allow for their earlier payment.
c On death in service, top up lump sums are provided so that, in aggregate, the beneficiary receives broadly the same value of benefits (net of tax) as if the earnings cap did not apply. On death in deferment, if a spouse’s or dependant’s pension is payable from the tax-approved scheme a lump sum of two-thirds of the member’s accrued lump sum is also payable.
d In deferment accrued lump sums are increased in line with statutory increases on pensions in deferment.