PENSION PLAN FOR OFFICERS
Published on March 30, 2005
Exhibit 10.29
SUMMARY OF NOVELIS INC. PENSION PLAN FOR OFFICERS (PPO)
Novelis Inc. ("Novelis") maintains a pension plan for officers or PPO. The
Novelis Human Resources Committee designates participants in the PPO. The PPO
provides for pensions calculated on service up to 20 years as an officer of
Novelis or Alcan. Eligible earnings consist of the excess of the annual average
salary and target short term incentive award during the 60 consecutive months
when they were the greatest over eligible earnings in the Alcancorp Pension Plan
and the Alcan Supplemental Executive Retirement Plan (collectively referred to
as the U.S. Plan) or the U.K. Plan, as applicable.
The following table shows the percentage of eligible earnings in the PPO,
payable upon normal retirement age after 60 according to years of service as an
officer of Novelis or Alcan. The normal form of payment is a lifetime annuity.
Pensions are not subject to any deduction for social security or other offset
amounts.