Pension provision
Following the changes made recently in the UK in response to pensions simplification legislation (as reported last year), and in the US to increase the pay averaging period for existing executives to ten years by 2015, no further changes to the pension arrangements for executive directors are required.
Fixed and performance-related reward
At on-target performance, more than half the package (two-thirds for the US executive director) is performance related, rising to over three-quarters for the UK executive directors and over 85% for the US director at stretch performance. This is shown in the chart below.
Proportion of package value delivered through fixed and performance-related reward
