NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 173 The following table contains essential information on the current Group equity incentive plans (SAR and RSU) of active board mem- bers: Group Equity Incentives – volumes in the consolidated financial statements $^{1) }$Includes changes due to the expiration or exercise of rights and to personnel changes such as departures from or appointments to the Board of Management $^{2) }$Adjusted for the capital increase of April 15, 2003 The value of the rights granted in the reporting year was  ¤ 9.5 mn at the date of grant. Of this total,  ¤4.7 mn correspond to the value of the stock appreciation rights (SAR) granted and  ¤4.8 mn to the value of the restricted stock units (RSU) granted. No payouts on SAR granted in previous years were made. Outstanding Group equity incentives are valued on a quarterly basis and posted on the Allianz Group website. The Group paid  ¤1.1 (2002: 8.7) mn to increase pension reserves and reserves for similar benefits for active members of the Board of Management. As of December 31, 2003, the pension reserves and re- serves for similar benefits for the then active members of the Board of Management amounted to  ¤21.4 (2002: 27.9) mn. In 2003, pensions and other benefit payments for former members of the Board of Management amounted to  ¤8.2 (2002: 13) mn.  ¤4.2 (2002: 7) mn were set aside in 2003 for compensating the claims of former members of the Board of Management. Reserves for current and future pension benefits of former members of the Board of Man- agement and their beneficiaries amount to  ¤39.8 (2002: 29.0) mn. Pensions and similar benefits Former members of the Board of Management Granted Changes 1) Outstanding at Intrinsic value  the end of fiscal  at the end of fiscal 2003 2003 ¤ 2003 SAR 172,160 – 172,160 6,127,174 RSU 72,306 – 72,306 7,339,059 2002 SAR 52,160 2) – 12,267 39,893 2) – 2001 SAR 43,999 2) – 14,482 29,517 2) – 2000 SAR 21,980 2) – 5,070 16,910 2) – 1999 SAR 29,588 2) – 9,067 20,521 2) –