Illustration of the application of the remuneration policy.

Illustration of the application of the remuneration policy.

The charts below illustrate the executive directors’ fixed remuneration (defined below) and how much they could earn for target and maximum performance for 2014.

Nigel Wilson

Group chief executive
(£’000)

Application of the remuneration policy – Nigel Wilson (Group chief executive) [Fixed remuneration: £999,000, 100% fixed]; [On-target: £2,742,000, 37% fixed, 22% annual variable element, 41% long-term objectives]; [Maximum: £4,279,000, 23% fixed, 29% annual variable element, 48% long-term objectives] (bar chart)

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Mark Gregory

Chief financial officer
(£’000)

Application of the remuneration policy – Mark Gregory (Chief financial officer) [Fixed remuneration: £693,000, 100% fixed]; [On-target: £1,883,000, 37% fixed, 22% annual variable element, 41% long-term objectives]; [Maximum: £2,933,000, 23% fixed, 29% annual variable element, 48% long-term objectives] (bar chart)

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John Pollock

Chief executive officer LGAS
(£’000)

Application of the remuneration policy – John Pollock (Chief executive officer LGAS) [Fixed remuneration: £731,000, 100% fixed]; [On-target: £1,921,000, 38% fixed, 22% annual variable element, 40% long-term objectives]; [Maximum: £2,971,000, 25% fixed, 28% annual variable element, 47% long-term objectives] (bar chart)

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Mark Zinkula

Chief executive officer LGIM
(£’000)

Application of the remuneration policy – Mark Zinkula (Chief executive officer LGIM) [Fixed remuneration: £1,424,000, 100% fixed]; [On-target: £2,782,000, 51% fixed, 21% annual variable element, 28% long-term objectives]; [Maximum: £3,804,000, 37% fixed, 26% annual variable element, 37% long-term objectives] (bar chart)

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In developing the scenarios, the following assumptions have been made:

FIXED REMUNERATION

Consists of 2014 base salary, benefits and pension (based on the value included in the single figure for 2013).

ON-TARGET

In addition to fixed remuneration, includes the potential value that each executive director could receive for target performance:

  • Annual variable element pays out at up to 75% of base salary for an on-target performance for the Group chief executive, CFO and CEO LGAS and up to 105% of base salary for an on-target performance for the CEO LGIM.
  • PSP is shown at 55% of face value at grant (using a grant of 250% of 2014 base salary).

MAXIMUM

In addition to fixed remuneration, includes the potential value that each executive director could receive for maximum performance under the annual variable element and the PSP.

OTHER

There is no adjustment made for share price or dividends.

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