FINANCIAL STATEMENTS
STRATEGIC REPORT
GOVERNANCE
9 STAFF NUMBERS AND COSTS The average number of persons employed by the Group (including Directors) during the financial year, analysed by category, was as follows: Year ended 31 December 2021 Number Year ended 31 December 2020 Number Directors 9 9 Senior management 123 119 Staff 944 949 Average number of staff 1,076 1,077
The aggregate personnel costs were as follows:
Year ended 31 December 2021 £m
Year ended 31 December 2020 £m
82.3
Wages and salaries Social security costs Other pension costs
87.2
9.9 4.3 5.0
9.2 4.3 6.8
Share-based payment expense
Total personnel costs
101.5
107.5
10 EMPLOYEE BENEFITS Defined contribution pension scheme The Group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable to the fund and amounted to £4.3m (2020: £4.3m). Employee share plans The Group operates a number of employee share option plans. Details of those plans are as follows: Just Retirement Group plc 2013 Long Term Incentive Plan (“LTIP”) The Group has made awards under the LTIP to Executive Directors and other senior managers. Awards are made in the form of nil-cost options which become exercisable on the third anniversary of the grant date, subject to the satisfaction of service and performance conditions set out in the Directors’ Remuneration Report. Options are exercisable until the tenth anniversary of the grant date. Options granted since 2018 are subject to a two year holding period after the options have been exercised. The options are accounted for as equity-settled schemes.
The number and weighted-average remaining contractual life of outstanding options under the LTIP are as follows:
Year ended 31 December 2021 Number of options
Year ended 31 December 2020 Number of options
19,264,506 6,795,784 (868,418) (1,351,472) (1,437,275) 22,403,125
Outstanding at 1 January
15,196,343 8,951,149 (941,906) (2,261,267) (1,679,813) 19,264,506
Granted Forfeited Exercised
Expired
Outstanding at 31 December Exercisable at 31 December
3,853,927
3,119,248
1.02 1.19
Weighted-average share price at exercise (£) Weighted-average remaining contractual life (years)
0.57 1.36
The exercise price for options granted under the LTIP is nil.
141
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