Annual report and accounts 2023 - Flipbook - Page 114
A.G. BARR p.l.c. Annual Report and Accounts 2023
Directors’ Remuneration Report continued
Element
Purpose and link to strategy
Operation
Maximum opportunity
Performance measures
Retirement
benefits
Purpose is to recruit and retain
directors of the calibre required for
the Company. Provides market
competitive post-employment
benefits (or cash allowance
equivalent).
Executive directors are eligible to participate
in the A.G. Barr Retirement Plan. There is also
a closed A.G. BARR p.l.c. (2008) Pension and
Life Assurance Scheme (the “Scheme”), which
comprises a defined contribution section and
a defined benefit section. The defined benefit
section was closed to new entrants from
14 August 2003 and to future accrual from
1 May 2016. The defined contribution section
was closed to new entrants and new
contributions from 30 June 2021 and all
assets held in the defined contribution
section were transferred to the A.G. Barr
Retirement Plan in September 2021.
For newly appointed executive
directors joining after 1 January 2023,
pension contribution levels will be
aligned to the level available to the
wider workforce (currently 8% of
salary).
Not applicable.
Details of the entitlement accruing to the
executive director who is a deferred member
of the defined benefit section are set out in
the table on page 98. The contributions paid
to the A.G. Barr Retirement Plan in respect
of the executive directors are disclosed on
page 98.
Executive directors may elect to take a
cash allowance instead of contributions
into a pension plan.
Incumbent executive directors will
receive their current pension
contribution of 24% of salary.
The Remuneration Committee has
discretion to vary the delivery
mechanism for retirement benefits,
however the exercise of this discretion
will not exceed the relevant limits
above for the provision of executive
directors’ retirement benefits.
Incumbent executive director R.A.
White ceased his accrual under the
defined benefit section on 5 April 2011.
For R.A. White, the Company’s
maximum contribution is 24% of salary
plus any contractual entitlement in
respect of a shortfall in his deferred
pension revaluation as a consequence
of Fixed Protection 2012.
The Company has closed the defined
benefit section of the Scheme to new
members and future accrual. The only
executive director who is a deferred
member will continue to receive
benefits in accordance with the terms
of the Scheme, subject to separately
agreed contractual arrangements,
including the arrangement summarised
below:
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