There were no material transactions between directors or key managers and the Legal & General group of companies. All transactions between the Group, its directors and key managers are on commercial terms which are no more favourable than those available to employees in general. Contributions to the post-employment benefit plans are outlined in Note 39.
At 31 December 2008 and 31 December 2007 there were no loans outstanding to officers of the Company.
Key management personnel compensation
The aggregate compensation for key management personnel, including executive and non-executive directors, is as follows:
(Download XLS:)  |
|
|
2008 |
2007 |
|---|---|---|
|
Salaries |
5 |
6 |
|
Social security costs |
1 |
1 |
|
Post-employment benefits |
1 |
1 |
|
Share-based incentive awards |
3 |
3 |
|
Key management personnel compensation |
10 |
11 |
|
Number of key management personnel |
16 |
16 |
The UK defined benefit pension schemes have purchased annuity contracts issued by [Society] for consideration of £49m (2007: £52m) during the year, priced on an arm’s length basis.
The [Group]’s investment portfolio includes investments in venture capital, property and financial investments which are held via collective investment vehicles. Net investments in associate investment vehicles totalled £1,488m during the year (2007: £1,394m). The Group has outstanding loans to these associates of £2m (2007: £5m) and received investment management fees of £43m during the year (2007: £41m). Distributions from these investment vehicles to the Group totalled £170m (2007: £178m).