Pension Policy | Prudential Regulation Authority Handbook & Rulebook
Prudential Regulation Authority Rulebook

Prudential Regulation Authority Rulebook

Part

Remuneration

Chapter

Pension Policy

Printed on: 13/05/2025

Rulebook at: 30/12/2021


12

Pension Policy

12.1

A firm must ensure that its pension policy is in line with its business strategy, objectives, values and long-term interests.

[Note: Art. 94(1)(o) of the CRD]

[Note: CRD Opens in a new window]

  • 29/12/2020

12.2

A firm that is not a small CRR firm or a small third country CRR firm must ensure that:

  1. (1) when an employee leaves the firm before retirement, any discretionary pension benefits are held by the firm for a period of five years in the form of instruments referred to in 15.15;
  2. and
  3. (2) when an employee reaches retirement, discretionary pension benefits are paid to the employee in the form of instruments referred to in 15.15 and subject to a five-year retention period.
  4. unless the annual variable remuneration of the employee:
    1. (A) does not exceed £44,000; and
    2. (B) does not represent more than one third of the employee's total annual remuneration.
  • 31/12/2020