The 2024 Corporate Governance Code was published by the Financial Reporting Council on January 22, 2024, and is the key source of corporate governance recommendations for companies with a premium listing for financial years beginning on or after January 1, 2025. It consists of 18 Principles of good governance and 41 Provisions.
Provision 38 covers pensions and is unchanged from the previous version of the Code published in 2018. It recommends that only basic salary is pensionable and executive directors' contribution rates (or payment in lieu) should be aligned with those available to the workforce. Any changes in pensionable remuneration, or contribution rates, should be carefully considered when compared to arrangements for the wider workforce.
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