• Home
  • eAlerts
  • Amendment 10 to the Listing Rules has recently been published. The principal changes are in relation...

Amendment 10 to the Listing Rules has recently been published. The principal changes are in relation to the disclosure of directors' pension entitlements

United Kingdom
18/02/1998
Download PDF

The principal changes are in relation to the disclosure of directors' pension entitlements

"...companies should disclose the amount of the increase in the accrued pension to which the director has become entitled..."

In July 1995 the Faculty and Institute of Actuaries (the "F&IA") were asked by the Greenbury Study Group to recommend a basis for calculating the value of pension entitlements earned by directors during a company's financial year in respect of defined benefit schemes.

The Greenbury Study Group asked the London Stock Exchange to incorporate a requirement for disclosure of directors' pension entitlements in the Listing Rules, following the F&IA's recommendations. In April 1996 the F&IA recommended that:

  • the report and accounts of companies should disclose the amount of the increase in the accrued pension to which the director has become entitled in the year; and
  • companies should disclose either the transfer value associated with that increase or sufficient prescribed information to enable a reasonable assessment to be made of the value of the increase in accrued pension.

In May 1996 the London Stock Exchange consulted on the wording of the Listing Rules to implement these recommendations. As a result of the responses received, a number of changes have been made in Amendment 10 to clarify the wording of the Listing Rules. The F&IA have revised their Guidance Note GN11, Retirement Benefit Schemes - Transfer Values.

The amendments to the Listing Rules become effective for accounting periods ending on or after

Search Filters

Advanced Search

Related content