A.G. BARR p.l.c. Annual Report and Accounts 2023Directors’ Remuneration Report continuedElementPurpose and link to strategyOperationMaximum opportunityPerformance measuresRetirementbenefitsPurpose is to recruit and retaindirectors of the calibre required forthe Company. Provides marketcompetitive post-employmentbenefits (or cash allowanceequivalent).Executive directors are eligible to participatein the A.G. Barr Retirement Plan. There is alsoa closed A.G. BARR p.l.c. (2008) Pension andLife Assurance Scheme (the “Scheme”), whichcomprises a defined contribution section anda defined benefit section. The defined benefitsection was closed to new entrants from14 August 2003 and to future accrual from1 May 2016. The defined contribution sectionwas closed to new entrants and newcontributions from 30 June 2021 and allassets held in the defined contributionsection were transferred to the A.G. BarrRetirement Plan in September 2021.For newly appointed executivedirectors joining after 1 January 2023,pension contribution levels will bealigned to the level available to thewider workforce (currently 8% ofsalary).Not applicable.Details of the entitlement accruing to theexecutive director who is a deferred memberof the defined benefit section are set out inthe table on page 98. The contributions paidto the A.G. Barr Retirement Plan in respectof the executive directors are disclosed onpage 98.Executive directors may elect to take acash allowance instead of contributionsinto a pension plan.Incumbent executive directors willreceive their current pensioncontribution of 24% of salary.The Remuneration Committee hasdiscretion to vary the deliverymechanism for retirement benefits,however the exercise of this discretionwill not exceed the relevant limitsabove for the provision of executivedirectors’ retirement benefits.Incumbent executive director R.A.White ceased his accrual under thedefined benefit section on 5 April 2011.For R.A. White, the Company’smaximum contribution is 24% of salaryplus any contractual entitlement inrespect of a shortfall in his deferredpension revaluation as a consequenceof Fixed Protection 2012.The Company has closed the definedbenefit section of the Scheme to newmembers and future accrual. The onlyexecutive director who is a deferredmember will continue to receivebenefits in accordance with the termsof the Scheme, subject to separatelyagreed contractual arrangements,including the arrangement summarisedbelow:112
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