Annual Performance Related Pay Scheme

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1 Annual Performance Related Pay Scheme

2 Contents? Introduction Who can participate and potential awards Scorecards How the scheme works 5 How the results impact individual performance related payments 6 Annual Performance Related Pay (APRP) at a glance 7 Receiving your Annual Performance Related Pay (APRP) 7 Review of overall performance 7 Annual Performance Related Pay (APRP) rules 8-9 2

3 Introduction Our 2017/18 scorecards have changed to bring Network Rail's priorities closer to those of our train operating companies and customers. The business area and national scorecard results are used to set annual performance related pay (PRP) scheme awards (formerly AIP). As scorecards have changed, performance related pay is also changing. <Title> Employees have the opportunity to share in Network Rail s success through the annual performance related pay scheme, which has been updated this year to reflect the scorecard changes. In many areas, the performance of the route or function will have a greater influence on the overall business area's out-turn, to align performance related pay more closely to local performance in our devolved organisation. This means higher payments for areas that out-perform the scorecard target. The new performance related pay is designed to: Reward employees for achieving national, individual and where appropriate, business specific and/or functional goals. Link the interests of employees to those of Network Rail as a whole and its stakeholders and customers. Emphasise that safety, train performance and financial performance go hand in hand. Reinforce the company strategy and key goals. Provide an incentive to improve results and reinforce the company s performance culture. 3

4 ? Who can participate and potential awards Performance related pay applies to employees on a Network Rail contract paid through payroll in the following bands: Eligibility* Maximum Potential (% of salary or ) Executive Band Band 1 100% - with half of the payment deferred for two years 60% - with one third of the payment deferred for two years Band 2 30% Band 3 20% Band 4 Local Operations Manager 15% Band 4 Line Manager with 4 or more direct reports at the end of the scheme year. 10% Band 4 Other 3,000 * Employees can only participate in one performance related pay scheme at a time. All performance related pay scheme documents can be found on Network Rail's intranet, Connect. Scorecards All train performance and locally driven measures are now individually set for each route and in alignment with their train operators' priorities. These changes bring our customers, and through them, our passengers ever closer to the heart of how we operate here at Network rail. To view the national scorecard or to find more information, visit: connect/performance/default.aspx Important Points: The performance measures on the national scorecard stand alone and each is calculated independently. No payment will be made in respect of any performance measure which fails to exceed the minimum level of performance. Achievement between the minimum performance level and the target performance level will be calculated on a pro rata basis; as will achievement between the target performance level and the maximum. Evidence of safety under reporting would result in the outcome of the safety measures being reviewed and reducing performance accordingly, including potentially to zero. 4

5 How the scheme works As track and train work ever-closer together the 2017/18 scorecards see all train performance measures developed and, with locally driven measures, set in alignment with train operators' priorities. This latest customer-focussed change means up to 60 per cent of route performance targets are now set locally, linked to customer scorecards and rolling-up into a national scorecard. If the scorecard out-turn result is less than 20%, then no performance related payment will be made. Under-performance against the financial performance measures by the company will reduce the out-turn for everyone on a sliding scale. If our financial performance goes beyond twice the 'worse than target' for both FPM measures added together, then no payment will be made. Business area scorecard* + National scorecard = Scorecard out-turn x Personal performance modifier x Band Maximum potential = Performance related pay Business area weighting Business Area Weighting (business area/ national) Routes 60/40 IP 20/80 Corporate Central Functions* 0/100 Route services 20/80 Digital Railway 20/80 System Operator 20/80 Safety, Technical & Engineering* 0/100 Personal performance modifier Performance rating Personal performance modifier Outstanding x 1.5 Exceeded x 1.2 Good/DIR x 0.9 Partially achieved x 0.6 SPIR Nil *The national scorecard applies in business areas with no local scorecard. 5

6 How do the results affect individual performance related payments? Is national scorecard performance greater than 20%? No Yes Performance related pay not triggered Has Financial Peformance Measures threshold been met? No Yes Performance related pay triggered Overall business and national scorecard out-turn produced Results applied to eligible employees based on band Any deductions applied to employees' individual performance related pay based on scheme rules eg. start date or absence Personal performance multiplier applied based on performance rating Employee receives a letter confirming individual performance related pay value Performance related payment paid 6

7 Annual Performance Related Pay at a glance 1 April 2017 to 31 March 2018 March June/July Performance targets for the year are agreed for each business area by Finance and the business. Performance results finalised at the end of the performance period. Final performance related pay sign off. (See review of overall performance). Results are published on Connect. July/ August Ongoing Performance related payments are paid to eligible employees, if applicable. Performance is measured against targets throughout the scheme year. Performance against key business measures are published on Connect. Performance results will be finalised at the end of the performance period. Receiving Annual Performance Related Pay The performance related payment date will be announced after the end of the financial year (31 March 2018) and once the outcome against performance measures have been finalised, which is usually June/July to allow for the final outturn and approval by the Remuneration Committee. Payments will be made in July/August 2018 depending on payroll processing dates. Review of overall performance The Remuneration Committee will review the results of the scorecard at the end of the scheme year and will take into account all factors, including overall business performance and safety. The Remuneration Committee may then reduce/ increase the overall payment to take account of such factors. 7

8 Annual Performance Related Pay rules The PRP does not form part of your contractual terms and conditions. You will be eligible to receive payment in accordance with the following rules: Category Type Description Salary basis <Title> Any potential performance related payments will be based on your substantive salary at 31 March Scheme year The scheme year is 1 April March General Payment New joiners, changes to business area & part time working Absence Individual performance Additional eligibility requirement for band 4 line managers Transfers between different eligible bands of the PRP Payment date Tax, NI and Pensions Eligibility New joiners Changes to business area Part time working Absence from work Performance & disciplinary Industrial action Eligibility for the band 4 line managers payment is where you undertake the direct line management of 4 or more employees (this is based on number of positions reporting in to you in the organisation chart at the end of the scheme year, 31 March 2018). Where you transfer between PRPs, payment due in respect of any total payment will be pro rated based on the number of calendar days in each respective PRP. Payment date will be announced after 31 March 2018 once the outcome against performance measures has been finalised. Payments to qualifying leavers will be made at the same time as they are made to existing employees. Payments under the scheme are subject to statutory deductions and are not pensionable. Under-performance against the national financial target will reduce the performance related pay amount for everyone, on a sliding scale. If our financial performance goes beyond twice the 'worse than' target, then no performance related payment will be made. Additionally, a scorecard out-turn of less than 20% will result in no performance related payment being made. If you join on or before 28 February 2018 you will qualify for a pro rata payment based on the number of calendar days employed in the scheme year. If you join after 28 February 2018 you will not receive any PRP payment for the 2017/18 scheme year. In the event of moving to (including going on secondment to) the same, lower or higher band or change of business area during the scheme year, payment due in respect of any total payment will be pro rated on the basis of calendar days in each respective band/ business area. Payments will be calculated on a pro rata basis based on the weekly full time equivalent contractual hours for the role and your number of contractual hours. In the event your hours change during the scheme year, performance related payments will be calculated on a pro rata basis based on the number of calendar days for each set of contractual hours. If you are absent for 20 or more working days your participation in the scheme will be maintained, however your payment will be subject to a deduction based on the total number of working days you have been absent for. Working days are calculated on the basis of a standard 5 day working week (dependant on role, this could include rostered weekend working, but not rest days). If you are absent due to maternity, adoption, paternity, parental leave or shared parental leave, the first 20 working days will not form part of the reduction. If you are absent due to jury service, volunteer leave or Territorial Army leave this will not trigger an absence reduction. If you consider that you have a disability that may cause absence from work that should not be considered as part of the PRP deduction please refer to the reasonable adjustment policy. No payments will be made to you if you are assigned a performance rating of 'significant performance improvement required'. If you are rated partially achieved you will be eligible for a payment but this will be reduced in accordance with the personal performance modifier. Participants who receive a formal disciplinary warning in the scheme year will not receive a payment. Payments will be made to participants under disciplinary investigation in the scheme year. The underlying principle of the scheme is to reward employees for the achievement of the company's performance targets. As a consequence, if you take part in industrial action during the performance period you will put your eligibility at risk and you may not receive any performance related payment as a result. 8

9 Annual Performance Related Pay rules Category Type Description Leavers Band 1's & Executive Band Terminations of employment (e.g. resignations, any retirement and dismissal) Ill health severance & death in service Redundancy General eligibility Payment date Deferred payment Deferred payment for leavers including resignations Deferred payment for leavers including redundancy, retirement, ill health severance and death in service You are only entitled to a payment if you are in Network Rail s employment on 30 June 2018 and have not commenced your contractual notice period before the end of the performance period (31 March 2018). If you have left employment due to ill health or severance you or your nominees will be eligible to receive a payment. <Title> Any payment made will be pro rated based on the number of calendar days employed in the scheme year. If you do not have a performance rating, a rating of 'Good' will be awarded for payment calculations. This also applies in the case of employees who have died in service. If you leave under redundancy or TUPE transferal you are eligible to receive a payment. Any payment made will be pro rated based on the number of calendar days you were employed in the scheme year. If you do not have a performance rating, a rating of 'Good' will be awarded for performance related pay calculations. For band 1 participants the maximum payment is 60% with one third of the payment deferred for two years. For executive bands the maximum is 100% with half of the payment deferred for two years. For band 1 two thirds and for executive bands a half of the overall payment will be paid in line with the payment date in You are only entitled to the deferred payment if you received the first payment. The amount of any deferred payment will be confirmed in writing and will become payable to you after two calendar years. The payment date will be the same date as any performance related payments due after the end of the performance period 31 March You are only entitled to the deferred payment if you received the first payment and if you are in Network Rail s employment on the 30 June 2020 and have not commenced your contractual notice period before the end of the deferred period (31 March 2020). The payment date will be the same date as any performance related payments due after the end of the performance period 31 March If you have received the first payment and leave for any of the reasons below., The payment date will be the same date as any performance related payments due after the end of the performance period 31 March Redundancy Ill health severance Retirement (at normal pension age in accordance with your pension scheme membership and if not in a pension scheme, then 65.) If you received the first payment and die in service, your nominees will be eligible to receive the deferred service performance related payment at the same time as any final payments. The Scheme has been prepared so that it complies with Condition 16 of Network Rail s network licence. This document provides the framework and rules for the operation of the Scheme for the financial year

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