Page 18 - Pillar 3 Disclosure
P. 18


Summary Directors’ 

Remuneration Report

Year ended 30 November 2013

The purpose of this report is to inform members of the a maximum of 20% of salary earned for achievement 

Society about our policy on the remuneration of the of all targets set. One third of this payment is deferred 
Executive and Non-Executive Directors. The report until the end of the three year period to ensure 

explains how we have regard to the UK Corporate consistent performance is delivered over the longer 

Governance Code 2012 relating to remuneration, as term. The Remuneration Committee sets the targets
for the scheme annually and assesses whether any 
far as is applicable for a building society of our size 
and the relevant elements of the FCA’s Remuneration discretionary bonus payment should be made.

Code. The remuneration of individual Directors is on 
Executive Directors who hold outside Directorships 
page 19.
do not receive remuneration from those 

Approach to Directors’ remuneration
organisations and their time commitment to these 
appointments is monitored.
Our policy is to reward Directors according to their 

experience, expertise, overall contribution to the Non-Executive Directors’ 
success of the Society and reflecting their roles and 
responsibilities within the Society. The Society does not 

offer concessionary home loans to Directors.
The level of fees payable to Non-Executive Directors
is assessed using information from comparable 

Executive Directors’ remuneration
organisations. Remuneration comprises a basic fee 

The Executive Directors’ remuneration package
with a supplementary payment for the respective roles 

is designed to motivate decision-making in the of Chairman of the Audit and Compliance Committee 
interests of the Society and its members and reflects and of the Board Risk Committee. This additional 

their responsibilities and roles within the Society.
payment reflects the increased responsibilities and 

In 2013 this comprised basic salary, a three year time commitments for these positions. Non-Executive 
performance related pay scheme and a range of 
Directors receive travel expenses for attending 
benefits. These benefits are taxable and include car meetings and in the performance of their duties for the 

allowance and private health care scheme for the Society. Their fees are not pensionable and they do 
Directors and their families.
not participate in any incentive or performance related 

pay schemes.
Salaries are reviewed on an annual basis by the 
Remuneration Committee with reference to jobs 
Pensions – The Society makes a contribution of 
with similar responsibilities and external salary between 17.5% and 20% of salary to Executive 

benchmarking data from the building society and Directors’ private pension arrangements. Mr Winter
financial services sectors as well as other UK and 
is a deferred member of the Ipswich Building Society 
regional salary data.
Pension and Life Assurance Scheme, a defined benefit 
pension which became paid up on 31 March 2006.
A performance related pay (PRP) scheme operated 

during the year for Executive Directors; this was Contractual terms – Non-Executive Directors do 
carefully designed to encourage the achievement of 
not have service contracts with the Society. Executive 
targets vital to ensure the long term financial health 
Directors are employed on open-ended service 
and integrity of the Society and recognising effective 
and robust risk management. The PRP structure was contracts requiring 12 months notice to be given by 
the Society and six months notice by the individual.
created in December 2010 and currently allows up to


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