Home Management & governance Remuneration report Renumeration report tables Table 2 - Executive directors' pension entitlements (as at 31 December 2007)
Management & Governance
Table 2 - Executive directors' pension entitlements (as at 31 December 2007)
Defined Benefit pensions
| |
|
|
Accrued benefits |
|
Transfer values2 |
| |
Age |
Years of
service
completed |
At
31 December
2006 |
At
31 December
2007 |
Change in
accrued
benefits during
the year
ended 31
December 2007 |
Change in
accrued
benefit net
of inflation1 |
At 31
December
2006 |
At 31
December
2007 |
Change,
net of
personal
contributions |
Transfer value
of change
in accrued
benefit net
of inflation1 |
| UK directors |
|
|
£'000 pa
pension |
£'000 pa
pension |
£'000 pa
pension |
£'000 pa
pension |
£'000 |
£'000 |
£'000 |
£'000 |
| Tom Albanese2 |
50 |
26 |
126 |
183 |
57 |
52 |
882 |
1,634 |
752 |
725 |
| Guy Elliott2 |
52 |
27 |
335 |
381 |
46 |
33 |
4,484 |
5,602 |
1,118 |
486 |
| Australian director |
|
|
A$'000
Lump sum |
A$'000
Lump sum |
A$'000
Lump sum |
A$'000
Lump sum |
A$'000 |
A$'000 |
A$'000 |
A$'000 |
| Leigh Clifford4,5 |
60 |
37 |
14,559 |
15,990 |
1,431 |
1,139 |
14,559 |
15,990 |
1,431 |
1,139 |
Defined Contribution pension
| |
|
|
Company contributions |
|
Age |
Years of
service
completed |
Year to
31 December
2006 |
Year to
31 December
2007 |
| UK director |
|
|
US$'000 |
US$'000 |
| Dick Evans6 |
60 |
0 |
n/a |
56 |
| Notes |
Expand |
- Price inflation is calculated as the increase in the relevant retail or consumer price index over the year to 31 December 2007.
- Transfer values are calculated in a manner consistent with "Retirement Benefit Schemes - Transfer Values (GN11)" published by the Institute of Actuaries and the Faculty of Actuaries.
- Tom Albanese became a director of Rio Tinto plc and Rio Tinto Limited with effect from 7 March 2006. He accrued pension benefits in the US plans for service up to 30 June 2006, and in the UK fund for subsequent service. The transfer value of his benefits in the US plans is represented by the Accumulated Benefit Obligation calculated on the accounting assumptions used for the Group's post-retirement benefits disclosures.
- Leigh Clifford retired on 30 September 2007, his transfer value and accrued benefit are therefore stated at 30 September 2007 to avoid showing a zero value at 31 December 2007. In addition, A$88,093 was credited to the account belonging to Leigh Clifford in the Rio Tinto Staff Superannuation Fund (RTSSF) in relation to the pensionable element of his 2007 performance bonus.
- The 2006 Financial statements showed an accrued lump sum at the end of the year in respect of Leigh Clifford of A$15,341,000, which is higher than the start of 2007 figure shown above. The start of year figure has been restated as the enhanced benefits granted in 2004, whereby his pension multiple at age 60 was increased from 6.65 to 7.0 to reflect the reduction to his contractual retirement age from 62 to 60, was paid as a termination benefit rather than as additional benefits from the Rio Tinto Staff Superannuation Fund and has been included in Table1 - Executives' remuneration.
- Dick Evans became a director of Rio Tinto plc and Rio Tinto Limited with effect from 25 October 2007. The Company contributions paid during 2007 represent contributions due to be paid for the period 25 October 2007 to 31 December 2007.
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