FCA Employee Handbook - Financial Conduct Authority

When there hasbeen service of:More than six monthsand less thantwo years.More than two years.A sum equivalent to the following number of weeks’ of anemployee’s basic salary at the time of leaving13 weeks.13 weeks minimum plus (for all service in excess of two years):two weeks for every complete year of service in excess of two years0.5 week for every complete year of service over age 40 and under age45.1 week for every complete year of service over age 45 and under age 50.1.5 weeks for every complete year of service over age 50.one week’s salary is the equivalent of 1/52nd basic annual salary. A week’s pay is thatwhich the employee is entitled to under his or her terms of the contract at the date ofcalculation. The ‘calculation date’ is the date on which the FCA gives the employee theminimum notice to which he or she is legally entitled.all calculations are subject to a maximum payment of the greater of one year’s salary or£100,000payments are inclusive of any statutory redundancy that may be payable;the calculation of number of weeks’ salary for more than 2 years’ service will be pro-ratedto reflect the actual period of service to the nearest whole monthCompromise agreementAll enhanced compensatory payments, i.e. those in excess of statutory redundancy pay, andoutplacement facilities, are subject to you accepting the terms of a compromise agreement.You will need to take independent legal advice before signing it. This is to ensure youunderstand that by signing such an agreement you waive the right to institute, or continue,with proceedings in an employment tribunal.The FCA will pay for the reasonable cost of taking such advice on the particular issue ofwaiving potential claims up to a maximum of £400 plus VAT. It will not cover the costs oftaking legal advice on any other issues.Other benefitsCore and flexible benefits cease on the date of termination of employment. However, you maynegotiate with the benefits provider continuing membership on an individual, contributorybasis.Who is covered by this policy?This policy covers all employees whose appointment has been confirmed following a successfulprobationary period.Ownership, updates and query managementThis is the FCA’s Redundancy Policy as at March 2013.The policy is owned by the HR Division and has been developed in conjunction with the FCA’sStaff Consultative Committee.FCA Employee Handbook 2013 132