Tesco 2007 Annual Report Download - page 36

Table 2 Pension details of the Directors
Transfer Transfer
value value Transfer
Increase Transfer of total of total value
Age at Total Increase in accrued value accrued accrued of total Increase
24 February accrued in accrued pension of previous pension at pension at accrued in transfer
2007/ pension at pension during the column at 25 February 25 February pension at value less
Years of 24 February during the year (net of 24 February 2006 (old 2006 (new 24 February Directors’
Company 2007 (a, b) year inflation) 2007 basis (c)) basis (c)) 2007 contributions
service £000 £000 £000 £000 £000 £000 £000 £000
Sir Terry Leahy (d) 50/28 627 81 62 1,136 6,715 7,531 9,350 1,816
Mr R Brasher 45/20 241 58 51 542 1,554 1,806 2,559 752
Mr P A Clarke 46/32 295 36 27 309 2,365 2,735 3,364 627
Mr A T Higginson 49/9 212 39 33 419 1,806 2,065 2,711 644
Mr T J R Mason 49/25 322 39 29 374 2,942 3,365 4,132 765
Miss L Neville-Rolfe (e) 54/9 125 47 46 690 n/a 1,192 1,885 693
Mr D T Potts 49/34 326 40 30 387 3,051 3,487 4,281 792
(a) The accrued pension is that which would be paid annually on retirement at 60, based on service to 24 February 2007.
(b) Some of the Executive Directors’ benefits are payable from an unapproved pension arrangement. This is secured by a fixed and floating charge on a cash deposit.
(c) The method used for calculating transfer values was revised during the year. Changes in financial conditions and improving mortality rates have meant that the previous
basis for calculating transfer values, used since 2004, is not considered to produce suitable values. Transfer values at 25 February 2006 have been restated using the new
method for comparative purposes.
(d) Sir Terry Leahy is entitled to retire at any age from 57, with an immediate pension of two-thirds of base salary.
(e) Miss L Neville-Rolfe was promoted to the Board on 14 December 2006. The increase in accrued pension shown is based on the increase since her date of promotion.
Similarly, the transfer value as at 25 February 2006 is based on the value of her pension as at the date of promotion.
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) 2006/07 (a) 2005/06 (a)
164.0 179.42 184.0 209.5 247.0 259.0 197.5 Total £000 £000
Date exercisable 30/09/01 24/05/02 09/11/02 20/04/03 26/04/04 15/04/05 14/04/06
SirTerryLeahy –––––––––496
Mr R Brasher 14,088(ii) 120,220(iii) 22,039(iii) 189,546 (iii) – – – 345,893 465 –
Mr P A Clarke –––––328,185(vii) 501,266(ii) 829,451 1,026 339
Mr A T Higginson ––––348,178(viii) 358,301(viii) 523,544(vi) 1,230,023 2,266 –
MrTJ RMason ––––348,178 (iv) – 523,544(i) 871,722 1,023 –
Miss L Neville-Rolfe (b) ––––––––––
MrD TPotts ––––––501,266(v) 501,266 820 383
(i) (ii) (iii) (iv) (v) (vi) (vii) (viii)
Date of exercise 25/04/06 28/04/06 29/06/06 10/07/06 03/08/06 22/08/06 10/10/06 19/02/07
Market price at
exercise (pence) 326.35 320.10 330.00 347.00 361.13 370.00 384.50 446.00
(a) 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 24 February 2007 was 446.0 pence. The share price during the 52 weeks to 24 February 2007 ranged from 316.25 pence to
446.75 pence.
(b) Miss L Neville-Rolfe was appointed on 14 December 2006. The figures above are from the date of her appointment.
(c) Gains made on Save As You Earn share options are not included above. These are detailed in table 5.
Directors’ remuneration report continued
34 Tesco PLC Annual report and financial statements 2007 Find out more at www.tesco.com/corporate