The table below sets out details of the pension benefit provisions under the defined benefit and defined contribution sections of the Scheme for executive Directors who served during the year.
Increase in accrued pension during year (net of inflation) £000 Pension value in year from defined benefit scheme (A) £000 Pension value Total pension in year value in year as reported from cash in single allowance/ total figure defined table (A+B)4 contribution (B) £000 £000
Pivotal retirement date1
Accrued pension at 31.12.152 £000
Transfer value of accrued pension at 31.12.20153 £000
Nigel Stein Adam Walker Andrew Reynolds Smith5
1 2 3
31.12.15 — 12.05.26
86 — 48
2,020 — 934
1 — 3
15 — 50
318 130 117
333 130 167
Earliest date that a non-reduced pension is payable to Directors. No additional benefits are provided for early retirement. Accrued annual pension includes entitlements earned as an employee prior to becoming a Director as well as for qualifying services after becoming a Director. Transfer value represents the present value of accrued benefits. It does not represent an amount of money which the individual is entitled to receive. The change in transfer value over the year reflects the additional pension earned and the effect of changes in financial market conditions during the year. The method and assumptions used to calculate transfer values from the Scheme were last reviewed in March 2015 and remain applicable. Notional value of defined benefit and cash allowances included in single total figure table on page 79. Reflects service up to resignation from the Board.
Payments for loss of office (audited)
There were no payments for loss of office made to any past Director during the year.
Payments to past Directors (audited) Andrew Reynolds Smith