Money and Benefits
Salary, benefits and bonus policy
Our remuneration strategy is based upon rewarding those employees who consistently:
- demonstrate successful delivery against objectives
- make a significant contribution to FSA’s success and regulatory goals; and
- demonstrate the behaviours we value.
The FSA aims to match FSA basic salaries against the market median within the financial services sector.
Through our flexible benefits plan, (available to all permanent employees), we aim to deliver appropriate benefits to you at each stage of your working life.
Elements of remuneration
All permanent employees are eligible to receive the following remuneration. Those employed on a short-term contract should refer to their Personal Statement of Terms and Conditions of Employment for specific details of remuneration.
- Contractual Information -
Basic salary
This is your salary exclusive of any flexible benefits allowance. It is used as the basis for pay reviews and to determine:
- Benefits under the flexible benefits plan including your flex account;
- Pension contributions made by the FSA; and
- Holiday pay.
These are the benefits which the FSA will provide under your Contract of Employment and which do not form part of the flexible benefits plan.
Flex account
The flex account is a sum of money you receive each month, and is determined by reference to your basic salary. You can use your flex account to select your preferred combination of benefits in addition to core benefits provided under the flexible benefits plan.
- Contractual Information -
Adjusted salary
This is the amount that you are paid after applying any increase or reduction to your basic salary as a result of the flexible benefits plan. If there are no adjustments resulting from the flexible benefits plan, this will be your basic salary.
For a full explanation of the flexible benefits plan and how it works, please see the flexible benefits plan booklet. The flexible benefits plan is not incorporated by reference into your Contract of Employment.
Confidentiality of salary
Details of your basic salary and/or flex account will be treated by the FSA as confidential information. We will only disclose this on a ‘need to know’ basis.
Salary review
Your basic salary is normally reviewed annually on 1 April. Any increase will be at the discretion of the FSA and you will be notified about this in writing.
All FSA employees will be included in the annual pay review except for those who, as at 1 April
- have been employed by the FSA for three months or less;
- have either given, or received, notice of termination of employment.
If you join the FSA after 31 December in any year, you will not be included in the pay review for that year. If you are on probation as at 1 April and but joined the FSA prior to 31 December you will be included in the pay review, but any increase agreed will not be awarded until after you have successfully completed your probationary period and your appointment has been confirmed.
Appointment to a new post
You will normally be appointed to a new post through the internal recruitment procedure. Where appropriate, your salary may be reviewed and any new salary will be effective from the date of appointment. Your salary will not normally be reviewed when moving from one post to the next unless the new job is recognised as carrying significant additional responsibilities. There is no automatic right to a salary increase.
Bonus
The FSA's discretionary bonus scheme applies to all FSA employees . The key criteria for receipt of a bonus award is performance and delivery, as measured annually through the performance appraisal process. Any bonus award is non-pensionable and in addition to any pensionable increase to salary awarded through the annual salary review.
We reserve the right to withdraw, replace or vary the bonus scheme at any time.
