Pension benefits
Massimo Reynaudo is the President and CEO of UPM-Kymmene Corporation as of 1 January 2024.
The President and CEO’s retirement age is 65 years. The President and CEO has a voluntary pension benefit to supplement the Finnish statutory pension scheme (TyEL). The voluntary pension benefit is arranged through a defined contribution plan. The contribution equals to 20% of the base salary.
In 2024, costs under the Finnish statutory pension scheme for the President and CEO amounted to EUR 220,000 (2023: EUR 469,000, Jussi Pesonen was the President and CEO until 31 December 2023). Payments under the voluntary pension plan (defined benefit) amounted to EUR 190,000 (2023: EUR 911,000, Jussi Pesonen was the President and CEO until 31 December 2023).
Other members of the Group Executive Team are covered by the statutory pension plan in the country of residence, supplemented by voluntary defined contribution pension plans. Their retirement age is 63–65 years. Executives belonging to the Group Executive Team before 1 January 2010 have fully vested rights corresponding to 100% of the accumulated account. Executives who have become Group Executive Team members after 1 January 2010 are entitled to fully vested rights five years after becoming a member.
In 2024, costs under the Finnish and German statutory pension schemes for the Group Executive Team members (excluding the President and CEO) amounted to EUR 731,000 (2023: EUR 881,000). Payments under the voluntary pension plan amounted to EUR 671,000 (2023: EUR 994,000).
Salary for the notice period and other compensations
The President and CEO and other members of the Group Executive Team are entitled to compensation for the termination of their executive contract in accordance with the compensation provisions of each executive’s contract. Compensations payable under various circumstances are presented in the table below.