Jurisdiction(s):
United Kingdom

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 AIFM Remuneration Code (FCA SYSC 19B): scope, delegation, identified staff, pay structures, deferral, malus and clawback, governance, proportionality, disclosure and forthcoming reforms

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Practice notes

This Practice Note reviews the remuneration framework originating from the alternative investment fund managers Directive 2011/61/EU (AIFMD) and set out in the alternative investment fund manager (AIFM) Remuneration Code (the Code) within the Senior Management Arrangements, Systems and Controls sourcebook (SYSC) of the Financial Conduct Authority (FCA) Handbook at SYSC 19B. It outlines the main elements of the Code, including its reach, the meaning of remuneration and the Code’s principles.

Managers of alternative investment funds (AIFs), including hedge funds, private equity funds and other AIFs (such as commodity funds, venture capital funds, real estate funds and investment funds), may all potentially fall within the scope of the remuneration requirements. For an accessible checklist of the relevant requirements, see: —checklist. For details on the equivalent EU requirements, see Practice Note: EU AIFMD—remuneration requirements. For an overview of the UK AIFM regime, see Practice Note: UK regulation of alternative investment fund managers—essentials.

Scope of the Code

The Code applies to a full-scope UK AIFM of a UK AIF or a non-UK AIF, but excludes small AIFMs...

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Web page updated on 22/05/2026

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