40 RELATED PARTY TRANSACTIONS.


There were no material transactions between key management and the Legal & General group of companies. All transactions between the Group and its key management are on commercial terms which are no more favourable than those available to employees in general. Contributions to the post-employment defined benefit plans were £60m (2010: £60m), for all employees.

At 31 December 2011 and 31 December 2010 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:

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2011
£m

2010
£m

Salaries

7

7

Social security costs

1

1

Post-employment benefits

1

1

Share-based incentive awards

4

3

Key management personnel compensation

13

12

 

 

 

Number of key management personnel

18

18

The UK defined benefit pension schemes have purchased annuity contracts issued by Society for consideration of £58m (2010: £74m) during the period, 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 into associate investment vehicles totalled £1,286m during the period (2010: £1,266m). The Group has outstanding loans to these associates of £5m (2010: £3m) and received investment management fees of £29m during the year (2010: £36m). Distributions from these investment vehicles to the Group totalled £58m (2010: £97m).

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