Benefits.

Benefits.

ELEMENT

POLICY

Note: Details on the value of benefits received for 2013 can be found in the annual report on remuneration under the single figure.

PURPOSE AND LINK TO STRATEGY

Benefits are provided to executive directors to attract and retain the best talent for the business and to ensure that the total package is competitive in the market.

OPERATION

The Committee’s policy is to provide executive directors with a market competitive level of benefits, taking into consideration benefits offered to other senior employees in the UK, the individual’s circumstances and market practice at similar companies. Benefits provided to executive directors are in line with benefits provided to other senior employees in the UK.

Benefits currently provided to executive directors include: a car or car allowance, private medical insurance, life assurance, Group Income Protection, and insured death in service arrangements. These are all in line with our general policy for other UK employees.

In line with other Legal & General employees, executive directors can choose to acquire Legal & General products, and are eligible to participate in the company’s voluntary benefits which they fund themselves, sometimes through salary sacrifice. They are eligible to participate in the UK all-employee share plans on the same terms as other employees. The two current all-employee share plans are:

  • The savings-related share option scheme (SAYE); and
  • The employee share plan.
Where an executive (new or current) is required to re-locate from, or perform duties outside, their home country in order to take up their position, in line with our mobility policy and practice, additional benefits may be provided, for example: home country benefits such as health care and additional support in relocating such as assistance for housing, school fees, travel home, relocation costs and tax advice.

OPPORTUNITY

In line with other UK employees, there is no maximum level for the benefits as this is dependent on the individual’s circumstances and the cost to the company.

The maximum opportunity for participation in the current all-employee share plans is in line with other employees and takes into account the prevailing HMRC rules.

Relocation / international assignment benefits – the level of such benefits would be set taking into account the circumstances of the individual and typical market practice.

PERFORMANCE

There are no performance conditions.

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