Paragraph 7 Pensions of directors and past directors

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch.5, para 5(3)(e) rev. in Pt. by Building Societies (Accounts and Related Provisions) 1994 reg.2(b)(i)
Sch.5, para 12A added by Building Societies (Accounts and Related Provisions) 1994 reg.2(b)(ii)
Sch.5, para 13 amended by Building Societies (Accounts and Related Provisions) 1994 reg.2(b)(iii)
Sch.5, para 15(4) replaced (by paras (4)(4A)) by Building Societies (Accounts and Related Provisions) 1994 reg.2(b)(iv)
Sch.5, para 15 A added by Building Societies (Accounts and Related Provisions) 1994 reg.2(b)(v)

(1)

There shall be shown the aggregate amount of directors' or past directors' pensions.

(2)

This amount does not include any pension paid or receivable under a pension scheme if the scheme is such that the contributions under it are substantially adequate for the maintenance of the scheme; but, subject to this, it includes any pension paid or receivable in respect of any such services of a director or past director as are mentioned in paragraph 4(2) whether to or by him or, on his nomination or by virtue of dependence on or other connection with him, to or by any other person. (3)The amount shown shall distinguish between pensions in respect of services as director, whether of the society or any of its associated bodies, and other pensions. (4) References to pensions include benefits otherwise than in cash and in relation to so much of a pension as consists of such a benefit references to its amount are to the estimated money value of the benefit.

(5)

The nature of any such benefit as is mentioned in subparagraph (4) shall be disclosed.