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Annual Statements

Home Annual Statements Financial Statements 2013 Notes to the consolidated financial statements Related parties Management Board (cont.)

Management Board (cont.)

The pension costs presented below concern the payment of regular pension contributions and a refund of contributions unduly withheld.

(in euros)

2013

2012

Jos A. Nijhuis

114,317

108,319

Maarten M. de Groof

88,591

81,638

Els A. de Groot

94,943

67,687

Ad P.J.M. Rutten

88,591

115,248

Pieter M. Verboom

-

91,880

Total

386,442

464,772

Defined-benefit pensions are in line with the average earnings scheme in force since 1 January 2004, in accordance with the standard Algemeen Burgerlijk Pensioenfonds (ABP) rules. The contribution payable to the pension scheme is calculated each year by ABP and paid in full by the company.

Mr Rutten could have retired in 2013 at the age of 62 but decided not to do so. He has defined retirement benefits equalling 70% of his final total fixed salary at the age of 62 (a final salary pension). As Mr Rutten's term of office has been extended by one year, his pension will start a year later, requiring deferral and an actuarial recalculation using ABP factors.

It has been agreed that ABP will accrue the pension between the ages of 62 and 63 on the normal average pay basis rather than on final salary. ABP established that a supplementary contribution of 97,267 euros to the ABP Extra Pension (AEP) was required to meet the final salary pension for 2013.

Mr Nijhuis and Mr de Groof also participate in the ABP average earnings scheme (under which retirement benefits based on full pension accrual are paid from the age of 65). It has been contractually agreed with them that their term of office will end at the age of 62. They are entitled to a fixed annual contribution (representing a percentage of fixed salary) towards a life-course savings scheme in order to compensate for the missing pensionable years between the ages of 62 and 65. 

Consequently, the following costs were chargeable to the financial year:

(in euros)

2013

2012

Jos A. Nijhuis

32,700

33,075

Maarten M. de Groof

36,061

36,566

Ad P.J.M. Rutten

97,267

-

Total

166,029

69,641

The other payments concern allowances for healthcare insurance costs and entertainment expenses, the employers’ share of social security contributions and various non-recurring benefits.

(in euros)

2013

2012

Jos A. Nijhuis

10,691

11,134

Maarten M. de Groof

10,691

11,134

Els A. de Groot

10,691

8,373

Ad P.J.M. Rutten

10,691

11,134

Pieter M. Verboom

-

31,201

Total

42,763

72,977

Total remuneration to the Management Board charged to profit and loss

2,908,474

3,072,832

A crisis levy imposed by the Dutch government amounts to 227,000 euros in total for the Management Board. This crisis tax levy is payable by the employer and is not included in the total remuneration of the Management Board.