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In a defined benefit scheme, the amount of pension earned is invariably related to the amount of salary; HMRC calls this remuneration. So far as scheme rules or an employer's policy is concerned, it can include or exclude bonuses, commission and other fluctuating emoluments.
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Determining applicable law and jurisdiction, and the territorial scope of statutory employment rights—checklist This Checklist provides an overview of the questions to be asked when determining: • which system of law is applicable to a contract of employment or employment relationship (applicable law) • whose courts and/or tribunals should decide an employment case (jurisdiction), and • how the courts and employment tribunals decide what statutory rights, if any, an employee who works abroad and/or has a foreign employer (territorial application or scope of statutory employment rights) Brexit impact From exit day (31 January 2020) the UK ceased to be an EU Member State but, in accordance with the transitional arrangements provided in the Withdrawal Agreement, the UK was in an implementation period (IP) until 11pm on 31 December 2020, known as ‘IP completion day’. During this period, the UK continued to be treated by the EU as a Member State for many purposes. While it could not participate in the political institutions and governance structures of the EU, the UK...
Establishing a share incentive plan (SIP) and granting SIP awards—all-encompassing resource pack For more general information on share incentive plans (SIPs), see Practice Note: What is a share incentive plan? Step Details of step Lexis®PSL resources required to implement step Timing of step 1 Determine whether the company qualifies to operate a SIP. The SIP regime is prescriptive and sets out numerous requirements that must be met at the time the awards are granted, including in relation to the company granting the awards. It is essential to establish whether the company whose shares are being granted under award qualifies to operate a SIP first. The proposed award holder(s) must also meet certain requirements in order to be granted SIP awards. For further detailed information on the SIP eligibility requirements relating to the company, see Practice Note: SIPs—qualifying companies and type of shares. For further detailed information on the SIP eligibility requirements relating to the employee, see Practice Note: SIPs—who can be granted an award? For a checklist...
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What is disguised remuneration?HMRC has, for many years, sought to ensure that the rewards gained from employment are properly subject to income tax and National Insurance contributions (NICs) deducted by employers through the pay as you earn (PAYE) system.With this in mind, HMRC introduced the disguised remuneration legislation in the Finance Act 2011, which aims to tackle the use of Employer Financed Retirement Benefit Schemes (EFRBS), Employee Benefits Trusts and other ‘disguised remuneration’, so that benefits received are no more attractive than taking a salary.The legislation imposes a PAYE obligation on the employer and/or trustees of pension schemes to collect income tax and associated National Insurance Contribution (NIC) charges and it serves as a warning to employers and promoters of tax avoidance schemes that the use of certain contrived remuneration structures to avoid, defer or reduce income tax liabilities will be strongly challenged. Publication of the draft legislation in December 2010 was met with extensive criticism in light of its wide-ranging nature and its potential for catching innocent arrangements that...
How to appoint a sales and marketing agent This Practice Note is a ‘how to’ guide on appointing a sales and marketing agent. It includes a summary of what agency is, an explanation of alternative routes to market, factors to consider before selecting a sales and marketing agent, and practical guidance on negotiating an agency agreement. It considers the appointment of a sales and marketing agent where the agent promotes the sale of the principal’s products and makes representations about the characteristic properties of the products, as well as acting as sales agent with the authority to conclude binding contracts on behalf of the principal. What is agency? Agency is a relationship under which a principal appoints an agent to act under their direction and on their behalf for specified purposes. In essence, the principal grants authority to the agent to perform certain acts or make certain decisions for which the principal is generally considered liable. Such authority may be express, implied, apparent or ostensible. For more information, see Practice...
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Board minutes—approving the adoption of an unapproved option plan and the grant of unapproved options [insert name of company adopting the unapproved option plan] (Company)—[insert Company number] Minutes of a meeting of the[ remuneration committee of the] board of directors of the Company held at [insert place of meeting] on [insert date of meeting] at [insert time of meeting]. Present [insert name of director to be Chair] (the Chair) [insert names of directors present] In attendance [insert names of those in attendance] Apologies [insert names of directors who are unable to attend meeting] 1 Notice and quorum [insert name of Chair] was appointed Chair of the meeting. It was reported that proper notice of the meeting had been given in accordance with the Company's articles of association (Articles) and that a quorum was present. Accordingly, the Chair declared the meeting open. 2 Purpose of meeting The Chair reported that the purpose of the meeting was to consider and, if thought fit, approve: 2.1 the adoption...
Policy—regulatory references 1 Introduction 1.1 The Financial Conduct Authority (FCA) and the Prudential Regulation authority (PRA) (together the Regulators) require firms that are authorised by the Regulators (and subject to the Senior Managers and Certification Regime (SM&CR)) to request regulatory references if they are considering:. 1.1.1 permitting or appointing someone to perform a senior management function; 1.1.2 issuing a certificate under the certification regime; and/or 1.1.3 appointing a non-executive board director. 1.2 These regulatory references are designed to assist prospective employers to assess whether an individual applying for an applicable regulated function is fit and proper to hold that role. 1.3 To enable a prospective employer to assess the fitness and propriety of a candidate for a regulated function, organisations that fall within the SM&CR must provide upon request a regulatory reference that covers the individual for the preceding six years (and, in certain circumstances, longer). It is essential that we comply with our regulatory obligations in obtaining and in responding to such requests, as the failure to...
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If an individual dies intestate leaving several minor children with different (surviving) co-parents and two of those surviving parents take out the grant of letters of administration for the use and benefit of their respective minor children, how would the grant be expressed and would the administrators have authority to deal with the whole estate? We refer you to Practice Note: Intestacy—priority to apply for grant—Q&As (at 'Particular relatives and entitlement to grant on intestacy', 'Minor children only'). Where a person to whom a grant would otherwise be made is a minor (eg where the deceased was survived by minor children but not a spouse or civil partner), the Non-Contentious Probate Rules 1987 (NCPR 1987), SI 1987/2024, r 32 sets out that a grant of administration for the minor’s use and benefit, limited until they attain the age of 18 years, shall be granted to a parent of the minor or other person who has parental responsibility. Commentary: Grants for the use and benefit of minors: Tolley’s Administration of Estates...
Does a UK subsidiary of an overseas parent have to provide CEO pay ratio information in its annual report? This Q&A refers to the requirement under the Companies (Miscellaneous Reporting) Regulations 2018 (2018 Regulations), SI 2018/860, reg 17 for certain companies with accounting periods beginning on or after 1 January 2019 to include in the directors’ remuneration report pay ratio information (and other supporting information) comparing the total remuneration of the CEO to the median (50th), 25th and 75th percentile full-time equivalent remuneration of the company’s UK employees. The requirement to provide pay ratio information applies to UK incorporated quoted companies with more than 250 UK employees. Quoted companies for these purposes means companies quoted on the UK Official List, the New York Stock Exchange, NASDAQ or a recognised stock exchange in the EEA. This does not include AIM companies. Note that with effect from 10 June 2019 the Companies (Directors’ Remuneration Policy and Directors’ Remuneration Report) Regulations 2019,
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This week's edition of Share Incentives weekly highlights includes a focus on executive remuneration, as the 2025 AGM season continues.
EU Law analysis: In a landmark ruling, the Court of Justice recently affirmed the applicability of EU consumer protection law to contracts involving minors in the sports industry. The court found that a contractual term obliging a young athlete to transfer part of his income to a sports talent agency if he becomes a professional athlete may be considered unfair under Directive 93/13/EEC, the EU Unfair Terms in Consumer Contracts Directive (EU UTCCD), if the clause is not plain and intelligible as regards the financial consequences of the commitment. The Court of Justice remains true to its principles on consumer protection issues and emphasizes once again the transparency requirement. As promising talents are being recruited at ever earlier ages, the decision is likely to have significant implications for practitioners particularly in the sports sector but also beyond the industry. While the Court of Justice generally allows such contracts and finds that a disproportion between the provided service and the remuneration does not lead to unfairness per se, talent development professionals...
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