Pensions

Pensions regulator reveals staff bonuses

The Pensions Regulator has confirmed only 50 per cent of its senior leadership team and managers were awarded a bonus last year.

Following a Freedom of Information Act request, the regulator said that just 23 per cent of staff outside of those top ranks received a bonus payment in 2016/17.

This figures for TPR contrast with the payment structure to the Financial Conduct Authority, where in the last year 93 per cent of staff received an annual bonus.

This may fuel demand for the FCA to take a leaner approach to its own renumeration strategy.

The Pensions Regulator was not asked for the size of the bonus payments – nor the individual names of who they were paid too.

However, in its annual report it states that the maximum bonus that can be paid to its chief executive – Lesley Titcomb – is capped at £17,500. This is on top of the £205,000 to £210,000 salary paid for 2016/17.

All other executive member of the board are eligible for bonus payments, but these too are capped at £12,500 – or 10 per cent of salary, whichever is lower.

In the information released today TPR said among its senior leadership team 38 per cent of those nominated for a bonus had a “strong” recommendation while 12 per cent were recommended after “exceptional” performance.

In its management team 35 per cent received a “strong nomination” and 15 per cent were “exceptional”. Only 5 per cent of its remaining staff were recommended for “exceptional” bonus payments.

It did not say what percentage of salary wold be paid as a bonus for those receiving such nominations.

Again, the bonus payment contrast with the FCA renumeration, where 60 per cent of the bonuses paid are equivalent to between 10 and 20 per cent of the employee’s salary.

The FCA has revealed that its chief executive Andrew Bailey received a £65,000 bonus on top of his £330,000 salary, while director of strategy and competition, Christopher Woolard received a £50,000 bonus on top of his £300,000 salary.

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