41 Related party transactions.

41 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 £62m (2012: £61m), for all employees.

At 31 December 2013 and 31 December 2012 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:

(XLS:) Related party transactions – Key management personnel compensation

 

2013
£m

2012
£m

Salaries

8

7

Social security costs

3

1

Post-employment benefits

3

Share-based incentive awards

4

4

Key management personnel compensation

15

15

 

 

 

Number of key management personnel

18

17

The Group UK defined benefit pension schemes have purchased annuity contracts issued by Society for consideration of £68m (2012: £60m) 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 £2,023m during the period (2012: £690m). The Group has outstanding loans to these associates of £4m (2012: £1m) and received investment management fees of £33m during the period (2012: £26m). Distributions from these investment vehicles to the Group totalled £45m (2012: £49m).

On 22 May 2013, the Group increased its holding in the ordinary share capital of Cofunds (Holdings) Limited from 25% to 100%. For the period to 22 May 2013, the Group paid platform hosting fees to Cofunds (Holdings) Limited of £5m (2012: £12m). Payables outstanding at 22 May 2013 were £3m (2012: £1m).

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