Pensions
Executive Directors participate in the Balfour Beatty Pension Fund (the “Fund”).
The scheme provides for a pension at a normal retirement age of 62 (under the Fund’s rules) and each Director pays an annual contribution equal to 5% of pensionable salary.
The pension for a Director who can complete 20 or more years’ pensionable service at normal retirement age is targeted at two-thirds of final pensionable salary, subject to HMRC limits. With effect from 6 April 2006, HMRC limits were changed, and as a result the HMRC earnings cap is no longer in force.
However, a Fund-specific earnings cap has been retained in the Fund. The salaries of Jim Cohen, Anthony Rabin and Ian Tyler were subject to the Fund earnings cap for pension purposes.
Details of the Company’s contributions to additional arrangements for them, plus further information regarding transfer values, can be read in the 2007 Annual Report and Accounts.
