Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Remuneration definition

What does Remuneration mean? Remuneration is the pay an individual receives for work, typically basic salary and, depending on context, variable elements such as bonuses, commission, overtime and allowances. It is a descriptive expression used across employment, company and tax law, with its precise scope set by the relevant statute, contract, policy or scheme rules rather than by a single universal legal definition. In pensions practice—particularly defined benefit schemes—the pension accrued is usually linked to pensionable remuneration (often called pensionable salary or pay). Whether remuneration includes or excludes bonuses, commission, overtime, car or location allowances, shift premia and other fluctuating emoluments is determined by the...

Single Electricity Market (Ireland and Northern Ireland) Capacity Remuneration Mechanism: legal framework, auctions, reliability options, payments, strike price, settlement, governance, Brexit/assimilated law, secondary trading and reporting

Published by a LexisNexis Energy expert

Practice notes

What is the impact of Brexit on the Ireland Capacity Remuneration Mechanism?

At 11 pm (GMT) on 31 December 2020, the Brexit transition/implementation period that followed the UK’s exit from the EU closed. From that moment—termed ‘IP completion day’ in UK legislation—transitional measures ceased and notable shifts started to apply across the UK legal framework. Any amendments pertinent to this material will be highlighted below. On IP completion day, the European Union (Withdrawal) Act 2018 (EU(W)A 2018) introduced a distinct strand of domestic law—retained EU Law (REUL)—comprising EU-derived rights and legislation kept in force in the UK after Brexit. On 29 June 2023, the Retained EU Law (Revocation and Reform) Act 2023 (REUL(RR)A 2023) received Royal Assent. REUL(RR)A 2023 alters how REUL is handled by:

revoking large tranches of REUL from 31 December 2023
re-naming REUL as ‘assimilated law’ from 1 January 2024
conferring new powers concerning assimilated law

The shift in labelling from REUL (and related terminology) to assimilated law signifies a change in its standing and treatment within UK law, such that it is generally to be treated differently under domestic law as to status, effect, and approach over time within the UK including future review and amendment...

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James Goldsmith

Cornwall Insight

James Goldsmith ' Senior Consultant: Is a Chartered Engineer with Engineer's Ireland and has more than seven years' experience in the development of energy projects. Starting his career with EDF Energy in its New Nuclear Project at Hinkley Point, James has worked on a wide range of energy projects in Africa, the Middle East, UK and Ireland. James' most recent role was as Project Director with ESB Asset Development, where he led the development of a co-located Biomass and Energy from Waste plant in the UK. In his Senior Consultant role at Cornwall Insight, James has led and delivered on projects supporting new renewable generation assets. He leads our work on Irish energy auctions for the RESS and CRM processes in Ireland, leading our modelling, consultancy and reporting in this area....

Web page updated on 21/05/2026

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