Prudential Regulation Authority Rulebook

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]

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 €50,000; and
2. (b) does not represent more than one third of the employee's total annual remuneration.