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...

UK PRA PS21/25 and FCA PS25/15 remuneration reform for dual‑regulated firms: SYSC 19D alignment with PRA Rules, MRT deferral and accountability changes, implementation timeline

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Practice notes

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PRA PS21/25 and FCA PS25/15: reform of the remuneration regime Joint consultation

On 26 November 2024, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) issued Joint Consultation Paper 6/24–24/23, Remuneration reform, which outlines proposed amendments to the remuneration framework as follows:

revisions to the Remuneration Part of the PRA Rulebook (Appendix 1)
updates to Supervisory Statement SS2/17—Remuneration (Appendix 2)
modifications to SYSC 19D within the FCA Handbook (Appendix 3)
consequential amendments to the FCA’s non-Handbook guidance FG23/6: General guidance on the application of ex-post risk adjustment to variable remuneration (Appendix 4), and
the withdrawal of the FCA’s non-Handbook guidance in FG23/4: Dual-regulated firms Remuneration Code (SYSC 19D): Frequently asked questions on remuneration, and FG23/5: General Guidance on Proportionality: The Dual regulated firms Remuneration Code (SYSC 19D)

The PRA proposed to:

change the rules and expectations on deferring variable remuneration by:
- cutting the minimum deferral period for certain Senior Management Functions (SMFs) from seven years to five
- permitting SMF deferred awards to vest pro rata from grant, instead of commencing vesting only after three years
- aligning all Material Risk Takers (MRTs)...

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Web page updated on 22/05/2026

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