The Restriction of Public Sector Exit Payments Regulations 2020

Exit payments

5.—(1) In this regulation a reference to an exit payment made to a person includes a reference to an exit payment made in respect of that person to another person.

(2) The following descriptions of payment are exit payments, unless the payment falls within regulation 6–

(a) subject to regulation 7, any payment on account of dismissal by reason of redundancy;

(b) any payment to reduce or eliminate an actuarial reduction to a pension on early retirement or in respect to the cost to a pension scheme of such a reduction not being made;

(c) any payment pursuant to an award of compensation under the ACAS arbitration scheme or a settlement or conciliation agreement;

(d) any severance payment or ex gratia payment;

(e) any payment in the form of shares or share options;

(f) any payment on voluntary exit;

(g) any payment in lieu of notice due under a contract of employment;

(h) any payment to extinguish any liability to pay money under a fixed term contract;

(i) any other payment, whether under a contract of employment or otherwise, in consequence of termination of employment or loss of office.