47153 AG Barr Annual Report 2025 AW4 SQ WEB - Flipbook - Page 99
Strategic Report
Corporate Governance
Accounts
Early retirement can be taken at age 55 subject to Trustee consent. The accrued pension would be reduced relative to age 60 to take account of its early
payment.
Dependants of the executive directors are eligible for dependants’ pensions and the payment of a lump sum in the event of death in service. Where the 2008
Scheme provides a pension on a defined benefit basis, final pensionable salary is used to determine the director’s pension entitlement. Where benefits are
provided on a defined contribution basis, the benefits depend on the director’s accumulated fund. Lump sum life assurance cover is provided at five or
eight times pensionable salary dependent upon the date of joining the 2008 Scheme.
No contributions were paid to the defined contribution section of the 2008 Scheme or the A G Barr Retirement Plan during the years ended 25 January 2025
or 28 January 2024.
All directors have elected to receive Company pension contributions in the form of a cash allowance. Stuart Lorimer currently receives a cash allowance
equal to his contractual pension provision of 24% of salary, however with effect from 1 April 2025, this will be aligned with the contribution available to the
wider workforce, currently 8%. Euan Sutherland receives a pension contribution of 8% of salary.
Payments to past directors – audited information
During the year, the Company made a net payment of £50,000 to Roger White to buy out his contractual entitlement to receive ongoing life assurance
benefits, which would have otherwise extended until his normal retirement date notwithstanding the termination of his employment with the Company.
No other payments were made to past directors during the year for services rendered in their capacity as directors.
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