It is the company’s policy to provide occupational retirement funding schemes on a money purchase basis wherever possible so as to minimise the company’s funding risk. Where feasible, the company applies this policy to its new acquisitions.
During the year the company made contributions for the executive directors to the SABMiller Executive Pension Scheme, an approved occupational pension scheme established as a selfadministered money purchase scheme. The rate of contribution paid in respect of each executive director’s salary was 15.6%, to the extent allowed by the earnings cap. Contributions in relation to salary above the earnings cap were given as additional taxable pay.
The value of contributions made to each executive director in regard to qualifying service during the financial year is included in the Emoluments Paid table.
As previously stated, the remuneration committee has concluded after thorough review that pension provision for the executive directors and the other executive committee members is currently inadequate. The rate of contribution from the company as a percentage of salaries paid in sterling is, therefore, to be increased from 15.6% to 30%.
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