Annual Report & Accounts 2017/18

85 NI Water Annual Report and Accounts 2017/18 Governance Pension entitlements Non-Executive Directors do not participate in NI Water’s pension scheme. All Executive Directors are members of the defined benefit pension arrangements. The accrued pension entitlement is the amount that the Executive Director would receive if he/she retired at the end of the year. The increase in the accrued entitlement is the difference between the accrued benefit at the year end and that at the previous year end. Further details on pensions are provided in Notes E2 and G3 to the financial statements. Transfer values The Cash Equivalent Transfer Value (CETV) for an individual Executive Director is the actuarially assessed capitalised value of the pension scheme benefits accrued at a particular point in time. All transfer values have been calculated on the basis of actuarial advice in accordance with Technical Actuarial Standards issued by the Financial Reporting Council. The transfer values of the accrued entitlement represent the value of assets that the pension scheme would need to transfer to another pension provider on transferring the scheme’s liability in respect of the Director’s pension benefit. Transfer values do not represent sums payable to individual Directors and therefore cannot be added meaningfully to annual remuneration. Increase in transfer value less Directors’ contributions The real increase in CETV shows the increase over the year in the transfer value of the accrued benefits after deducting the Director’s personal contributions to the scheme. Further details on Directors’ remuneration are shown in Note E1a to the financial statements. Current Executive Directors: Accrued pension at age 60 at 31 March 2018 22 £000 Related lump sum at 31 March 2018 23 £000 Real increase in pension at age 60 £000 Real increase in lump sum at age 60 £000 Sara Venning 20 - 25 25 - 30 2.5 - 5.0 7.5 - 10.0 Ronan Larkin 25 - 30 - 2.5 - 5.0 - Sean McAleese 55 - 60 165 - 170 0 – 2.5 5.0 - 7.5 Paul Harper 2.5 – 5.0 7.5 – 10.0 0 – 2.5 5.0 - 7.5 Current member of the Executive Committee (not Executive Director): Mark Ellesmere 25 - 30 15 - 25 2.5 - 5.0 5.0 - 7.5 Alistair Jinks 20 - 25 - 0 – 2.5 24 - Rose Kelly 0 – 2.5 0 – 2.5 0 – 2.5 0 – 2.5 Former members of the Executive Committee: (not Executive Director): Bill Gowdy, OBE 10 - 15 35 - 40 0 – 2.5 0 - 2.5 22 Or date of leaving the Executive Committee if earlier. 23 Or date of leaving the Executive Committee if earlier. 24 Increase in pension since joining the Executive Committee on 1 April 2017. Pension benefits for members of the Executive Committee