- Draft legislation
This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 No. 410
14.—(1) Subject to sub-paragraph (3), the directors’ remuneration report must show in respect of each person who has served as a director of the company—
(a)at any time during the relevant financial year, or
(b)at any time before the beginning of that year,
the amount of so much of retirement benefits paid to or receivable by the person under pension schemes as is in excess of the retirement benefits to which he was entitled on the date on which the benefits first became payable or 31st March 1997, whichever is the later.
(2) In subsection (1) “retirement benefits” means retirement benefits to which the person became entitled in respect of qualifying services of his.
(3) Amounts paid or receivable under a pension scheme need not be included in an amount required to be shown under sub-paragraph (1) if—
(a)the funding of the scheme was such that the amounts were or, as the case may be, could have been paid without recourse to additional contributions; and
(b)amounts were paid to or receivable by all pensioner members of the scheme on the same basis;
and in this sub-paragraph “pensioner member”, in relation to a pension scheme, means any person who is entitled to the present payment of retirement benefits under the scheme.
(4) In this paragraph—
(a)references to retirement benefits include benefits otherwise than in cash; and
(b)in relation to so much of retirement benefits as consists of a benefit otherwise than in cash, references to their amount are to the estimated money value of the benefit,
and the nature of any such benefit must also be shown in the report.
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