The following table shows the current pension entitlement of Board of Management members. In line with the Code’s recommendations, the table also includes the additions to provisions for pensions. These additions to provisions for pensions are not paid compensation but valuations calculated in accordance with IFRS.

Pension payments are adjusted on an annual basis to reflect changes in the German consumer price index. In the case of pensions granted before 2003, the Executive Committee of the Supervisory Board may, under certain circumstances, make additional adjustments that it deems appropriate. The annual pension of one member of the Board of Management is a fixed amount that is also adjusted on an annual basis to reflect changes in the consumer price index plus an additional 0.7 percent per year.

 

Following the death of an active or former member of the Board of Management, a reduced amount of his or her pension is paid as a survivor’s pension to the family. Widows and widowers are entitled to lifelong payment of 60 percent of the pension a Board of Management member received on the date of his or her death or would have received had he or she entered retirement on this date. This payment is terminated if a widow or widower remarries. The survivor’s pension for the widow of one Board of Management member  deviates from this model and is equal to 75 percent of the member’s pension. The children or dependents of a Board of Management member who have not reached the age of 18 are entitled, for the duration of their education or professional training until they reach a maximum age of 25, to an annual payment equal to 20 percent of the pension the Board of Management member received or would have received on the date of his or her death. Surviving children benefits granted before 2006 deviate from this model and are equal to 15 percent of a Board of Management member’s pension. If, taken together, the survivor’s pensions of the widow or widower and children exceed 100 percent of a Board of Management member’s pension, the pensions paid to the children are proportionally reduced by the excess amount.