Regulation C2 Meaning of “remuneration”

(1)

Subject to paragraphs (2) and (3) and Schedule C5 (limitations on contributions and benefits), in these regulations “remuneration”, in relation to an employee, means the total of—

(a)

all the salary, wages, fees and other payments paid to him for his own use in respect of his employment, and

(b)

the money value of any benefits provided for him by reason of his employment,

and any other payment or benefit specified in his contract of employment as being a pensionable emolument.

(2)

“Remuneration” does not include—

(a)

payments for non-contractual overtime;

(b)

any travelling or subsistence allowance or any other allowance paid to an employee in respect of expenses incurred in relation to the employment;

(c)

any payment made to an employee in consideration of loss of holidays;

(d)

any payment accepted by an employee in lieu of notice to terminate his contract of employment;

(e)

any payment made to an employee as an inducement not the terminate his employment before the payment is made;

(f)

subject to paragraph 7 of Schedule C2, the money value to the employee of the provision of a motor vehicle or any payment accepted by him in lieu of such provision; or

(g)

in the case of an employee or former employee of the Commission for the New Towns, any payment made to him, under any scheme relating to the termination of the employment of employees by the Commission, in respect of the completion before a specified date of specified functions.

(3)

Schedule C2 shall have effect for the purpose of making further provision as to the meaning of “remuneration”(including provision for the amount of notional remuneration to be agreed collectively).