124 LV= Annual Report 2012
Notes to the financial statements continued
31 December 2012
49. Directors’ emoluments
The aggregate amount of directors’ emoluments was as follows:
2012 2011
a) Aggregate emoluments including pension contributions and LTIPs £m £m
Aggregate emoluments 6.3 4.6
b) Emoluments of individual directors, including emoluments of the Chairman and highest paid director were as follows
for the Society:
Annual remuneration £’000 Total remuneration £’000
Deferred Other Total Total LTIP Total Total
Salary Bonus bonus benefits 2012 2011 2010-12 2012 2011
M.J. Rogers 505 427 132 127 1,191 1,131 1,431 2,622 2,177
P Moore
.W. 346 208 52 55 661 609 732 1,393 609
R.A. Rowney 306 240 – 51 597 568 585 1,182 943
J.B. O’Roarke (appointed 23 November 2011) 281 220 – 45 546 54 – 546 314
D. Holt 153 – – – 153 150 n/a 153 150
M.E. Austen 72 – – – 72 68 n/a 72 68
J. Edwards 62 – – – 62 58 n/a 62 58
C. Keers 61 – – – 61 57 n/a 61 57
D.I.W. Reynolds (resigned 31 October 2012) 60 – – – 60 64 n/a 60 64
C. Burton (appointed 9 November 2011) 56 – – – 56 15 n/a 56 15
J. Dean (appointed 26 July 2012) 22 – – – 22 – n/a 22 –
G. Nott (resigned 26 May 2011) – – – – – 28 n/a – 28
Total 1,924 1,095 184 278 3,481 2,802 2,748 6,229 4,483
Deferred bonus represents the amount of the 2012 performance bonus payable over the next three years. Further details are disclosed
within the Directors’ Remuneration Report.
Other benefits include cash allowance in lieu of pension, car allowances, medical, relocation, life assurance and other benefits in kind or
their equivalent monetary value.
c) Pension arrangements
.
R.A. Rowney and J.B. O’Roarke are members of the LV= Employee Pension Scheme, which is a defined benefit scheme. P W. Moore left
the defined contribution scheme during the year.
The directors’ emoluments table above excludes the Society contributions to defined benefit and defined contribution pension schemes.
The Society makes contributions to the LV= Employee Pension Scheme of an average of 17.8% of pensionable salaries (2011: 17.1% of
pensionable salaries), subject to annual allowance limits, in respect of all permanent staff. This included amounts on behalf of executive
directors of £0.1m (2011: £0.1m).
The Society has made no contributions to personal pension arrangements during 2012 (2011: £nil).
There were £8,500 of contributions to defined contribution pension schemes in 2012 (2011: £42,542).
2012 2011
Accrued pension at end of period £’000 £’000
R.A. Rowney 27 23
J.B. O’Roarke 30 26