| Directors’ pensions | Age at 31 Dec 10 | Accrued pension at 31 Dec 10 £0001 | Increase in accrued pension over the period £0002 | Transfer value at 31 Dec 09 £0003 | Transfer value at 31 Dec 10 £0004 | Increase in transfer value over the period £0005 | Increase/ (decrease) in accrued pension over the period £0006 |
Transfer value of the increase/ (decrease) in accrued pension at 31 Dec 10 £0005/6 | Other pension costs to the company over the period £0007 | Other allowances in lieu of pension £0008 | Other pension related benefit costs £0009 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Marjorie Scardino | 63 | 4.6 | 0.1 | 44.1 | 47.3 | 3.2 | 0.0 | 0.0 | 9.0 | 620.7 | 59.1 |
| Will Ethridge | 58 | 160.0 | 33.0 | 1,037.2 | 1,418.4 | 381.2 | 29.1 | 258.0 | 32.8 | – | 1.0 |
| Rona Fairhead | 49 | 38.1 | 5.8 | 466.0 | 489.2 | 17.1 | 4.8 | 55.4 | – | 120.7 | 13.5 |
| Robin Freestone | 52 | – | – | – | – | – | – | – | 19.8 | 114.8 | 4.8 |
| John Makinson | 56 | 277.4 | 22.6 | 4,897.6 | 4,767.0 | (136.8) | 14.8 | 248.1 | – | – | 12.2 |
Note 1: The accrued pension at 31 December 2010 is the deferred pension to which the member would be entitled on ceasing pensionable service on 31 December 2010. For Marjorie Scardino this relates to a fixed pension from the US plan. For Will Ethridge the pension quoted in this column relates to his pension from the US Plan and the US SERP. For Rona Fairhead it relates to the pension payable from the UK Plan. For John Makinson it relates to the pension from the UK Plan, the FURBS and the UURBS in aggregate. Robin Freestone does not accrue defined benefits.
Note 2: This is the change in accrued pension over the year compared with the accrued pension at the end of the previous year.
Note 3: This is the transfer value quoted at the end of the previous year.
Note 4: The UK transfer values at 31 December 2010 are calculated using the assumptions for cash equivalents payable from the UK Plan and are based on the accrued pension at that date. During 2010 the Trustee of the UK Plan revised the transfer value methodology. Prior to the review the discount rates included a prudence margin. Following the review the Trustee agreed to remove this margin which, all other things being equal, had the effect of reducing transfer values from the UK Plan. The effect of this change was offset by changes to the mortality assumptions. For the US SERP, transfer values are calculated using a discount rate equivalent to current US long term bond yields. The US Plan is a lump sum plan and the accrued balance is included where applicable.
Note 5: Less directors’ contributions.
Note 6 Net of UK inflation (where inflation is the increase in CPI to the previous September, subject to a minimum of 0%).
Note 7: This column comprises contributions to deferred contribution arrangements for UK benefits. For US benefits, it includes company contributions to funded defined contribution plans.
Note 8: This column represents the cash allowances paid in lieu of the previous unfunded defined contribution plan for Marjorie Scardino and of the previous FURBS arrangements for Rona Fairhead and Robin Freestone.
Note 9: This column comprises life cover and long-term disability insurance not covered by the retirement plans.