Policy on pensions

Each of the UK-based Executive Directors and senior executives participates in a defined contribution retirement plan.

The Group’s pension policy is that, in the event that a participant in a registered pension scheme may reach or exceed HMRC lifetime or annual thresholds, and therefore chooses not to accept further registered pension contributions, a contribution to an unregistered long term investment scheme or a non-pensionable cash payment, equivalent to the Group’s contribution to the registered pension scheme, will be offered in lieu. Pension scheme participants will not be compensated for any adverse tax consequences of exceeding the HMRC lifetime allowance limit.

Executive Directors, and senior executives outside of the UK, participate in local pension plans.