47153 AG Barr Annual Report 2025 AW4 SQ WEB - Flipbook - Page 115
Strategic Report
Corporate Governance
Accounts
Element
Purpose and link to strategy
Operation
Maximum opportunity
Retirement
benefits
Purpose is to recruit
and retain directors of
the calibre required for
the Company. Provides
market competitive
post-employment
benefits (or cash
allowance equivalent).
Executive directors are eligible to participate
in the A G Barr Retirement Plan. There is also
a closed A.G. BARR p.l.c. (2008) Pension and
Life Assurance Scheme (the “Scheme”), which
comprises a defined contribution section and
a defined benefit section. The defined benefit
section was closed to new entrants from
14 August 2003 and to future accrual from
1 May 2016. The defined contribution section
was closed to new entrants and new
contributions from 30 June 2021 and all assets
held in the defined contribution section were
transferred to the A.G. Barr Retirement Plan
in September 2021.
For newly appointed executive
Not applicable.
directors joining after 1 January
2023, pension contribution levels
will be aligned to the level available
to the wider workforce (currently 8%
of salary).
Details of the entitlement accruing to the
executive director who is a deferred member
of the defined benefit section are set out in the
table on page 96. The contributions paid to
the A.G. Barr Retirement Plan in respect of the
executive directors are disclosed on page 97.
Executive directors may elect to take a cash
allowance instead of contributions into a
pension plan.
Performance measures
Incumbent executive directors
will receive their current pension
contribution of 24% of salary.
The Remuneration Committee
has discretion to vary the delivery
mechanism for retirement benefits,
however the exercise of this
discretion will not exceed the
relevant limits above for the
provision of executive directors’
retirement benefits.
Incumbent executive director
R.A. White ceased his accrual
under the defined benefit section
on 5 April 2011. For R.A. White, the
Company’s maximum contribution
is 24% of salary plus any contractual
entitlement in respect of a shortfall
in his deferred pension revaluation
as a consequence of Fixed
Protection 2012.
The Company has closed the
defined benefit section of the
Scheme to new members and
future accrual. The only executive
director who is a deferred member
will continue to receive benefits in
accordance with the terms of the
Scheme, subject to separately
agreed contractual arrangements,
including the arrangement
summarised below:
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