As part of the restructuring of its post-employment benefit system, Wincor Nixdorf AG converted part of its Company pension scheme from annuity to one-time pay-off or installment payouts in the third quarter of fiscal 2005/2006. Thus, the retirement benefit systems implemented for Eckard Heidloff and Stefan Auerbach were converted accordingly. The retirement benefit system for Dr. Jürgen Wunram is also based on a one-time pay-off or installment payments. As regards the retirement benefits awarded to Eckard Heidloff, the Company has, in addition, undertaken to pay premiums of €100,000.00 per annum as the policyholder of life insurance. At the end of the paying-in phase of the insurance contract, the premiums are to be paid into the retirement capital. The respective members of the Board of Directors are entitled to the pension payments from the age of 60. However, should a member remain on the Board of Directors in an active capacity beyond this period, the receipt of retirement benefits will only be possible as from the end of his/her employment contract as a member of the Board of Directors.
The pension benefits awarded to members of the Board of Directors at the balance sheet date and the allocations made to retirement accruals in the period under review are as follows:
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|
|
|
€ |
|
Retirement capital |
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|
Total |
Allocations during fiscal year |
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|
Sept. 30, 2009 |
Sept. 30, 2008 |
2008/2009 |
2007/2008 |
Eckard Heidloff |
323,818.00 |
292,520.00 |
26,082.00 |
26,082.00 |
Stefan Auerbach |
524,946.00 |
447,446.00 |
50,000.00 |
50,000.00 |
Dr. Jürgen Wunram |
381,200.00 |
251,200.00 |
100,000.00 |
100,000.00 |
Total |
1,229,964.00 |
991,166.00 |
176,082.00 |
176,082.00 |
The table shows the one-time pay-off entitlements that members of the Board of Directors would receive from the age of 60, on the basis of the entitlements accumulated up to the end of each fiscal year, as well as the entitlement acquired in each fiscal year that was allocated to pension accruals as service costs. In the event that the respective members continue to hold a position on the Board of Directors, the actual pensions and/or one-time pay-off benefits will be higher than those presented in the table, particularly as a result of future financing contributions. The allocations to retirement capital, as listed in the table, will occur in the same amount in subsequent years until the end of the respective contracts for the members of the Board of Directors and will bear interest of 3.5% per annum.
