Directors’ pensions and pension allowances
Peter Zinkin was the only Director to participate in the Balfour Beatty Pension Fund (the Fund) as a contributing member during 2014.Peter Zinkin participated in the defined contribution (DC) section up to 31 January 2014. He opted out of the DC section of the Fundon 31 January 2014 and became a deferred pensioner of the DC section of the Fund at this date.
The DC section of the Fund is a money purchase scheme with a normal retirement age of 65. The Fund operates a Fund-specificearnings cap for pension purposes. Peter Zinkin’s pensionable earnings were subject to the Fund-specific earnings cap. Peter Zinkin paid an annual contribution equal to 5% of contributory salary for the period to 31 January 2014 via the Group’s SMART Pensions salary sacrifice arrangement as outlined in Note 2 in the Directors’ remuneration table. A salary supplement was paid to Peter Zinkin in lieu of pension contributions on earnings above the Fund-specific earnings cap for the period to 31 January 2014 and this is included in the Directors’ remuneration table. A salary supplement was paid to Peter Zinkin in lieu of Fund membership from 1 February 2014 and this is included in the Directors’ remuneration table.
Duncan Magrath, Andrew McNaughton and Peter Zinkin have all previously participated in the defined benefit (DB) section of the Fund.The DB section of the Fund provides for a pension at a normal retirement age of 62, although the majority of benefits can be taken unreduced from age 60.
Details of the Company's Directors' pensions and pension allowances are set out in the remuneration report 2014.