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Annual Statements

Financial reporting

Price winner 2012 in the category non-listed

Home Annual Statements Financial Statements 2012 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)

2012

2011

Jos A. Nijhuis

108,319

96,259

Maarten M. de Groof

81,638

75,399

Els A. de Groot

67,687

-

Ad P.J.M. Rutten

115,248

75,399

Pieter M. Verboom

91,880

75,399

Total

464,772

322,456

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 Verboom retired during 2012 at the age of 62. Mr Rutten will be eligible to retire at the age of 62 in 2013. Both have defined retirement benefits equalling 70% of their final total fixed salary. To this end, a supplementary allocation is made each year according to the standard ‘ABP Extra Pension’ rules in addition to the accrual under the ABP pension scheme. A refund of incorrectly withheld premiums for the ‘partner plus pension’ was agreed with Mr Verboom and Mr Rutter in 2012 and so EUR 44,919 was refunded to Mr Verboom and EUR 33,610 to Mr Rutten in 2012.

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)

2012

2011

Jos A. Nijhuis

33,075

32,201

Maarten M. de Groof

36,566

35,511

Ad P.J.M. Rutten

-

28,731

Total

69,641

96,443

The other payments concern allowances for healthcare insurance costs and entertainment expenses, the employers’ share of social security contributions and various non-recurring benefits. They also include a non-recurring crisis levy of EUR 0.4 million imposed on directors.

(in euros)

2012

2011

Jos A. Nijhuis

11,134

7,656

Maarten M. de Groof

11,134

7,656

Els A. de Groot

8,373

-

Ad P.J.M. Rutten

11,134

7,656

Pieter M. Verboom

31,201

7,656

Total

72,977

30,624

Total remuneration to the Management Board charged to profit and loss

3,072,832

2,914,416

A crisis levy of 16% imposed by the Dutch government amounts to EUR 363,000 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.