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Virgin Money UK PLC

For details of the VMUK PLC remuneration policy, practice and procedures please visit the Remuneration Policy Link opens in a new window pages of the Virgin Money UK PLC website Link opens in a new window.

Virgin Money Unit Trust Managers LTD

Virgin Money Unit Trust Managers (VMUTM) does not directly employ any staff, other than its two independent non-executive directors. Staff are provided from both Virgin Money UK PLC and Standard Life Aberdeen PLC (the ultimate parent entities) on a secondment basis.

In accordance with the FCA’s UCITS Remuneration Code, VMUTM is required to establish and apply a remuneration policy for certain categories of staff whose activities have a material impact on the risk profile of VMUTM or the UK UCITS funds (“UCITS”) that it manages (UCITS Remuneration Code Staff or “Code Staff”). VMUTM applies the remuneration policies (the “Remuneration Policies”) of the parent entities in the secondment model.

The Remuneration Policies document the remuneration policies, practices and procedures of the parents and are reviewed annually.

  1. are consistent with and promote sound and effective risk management;
  2. do not encourage risk taking that exceeds the level of tolerated risk of VMUTM or that is inconsistent with the risk profile of the funds VMUTM manages;
  3. encourage behaviour that delivers results which are aligned to the interests of the UCITS managed by VMUTM;
  4. do not impair VMUTM’s ability to comply with its duty to act in the best interest of the funds it manages;
  5. recognise that remuneration should be competitive and reflect both the financial performance of the parent entities and personal performance. Accordingly, Remuneration for Code Staff is made up of fixed pay (salary and benefits, including pension) and variable (performance-related) pay;
  6. recognise that fixed and variable components should be appropriately balanced and that the variable component should be flexible enough so that in some circumstances no variable component may be paid at all. Variable pay can be made up of:
    1. short-term awards typically based on short-term financial and strategic measures for the area of the business in which the Code Staff individual works; and
    2. long-term incentives, typically in the form of share plans;
  7. shall also be governed in line with relevant obligations and proportionality provisions of SYSC 19E: UCITS Remuneration Code including (where applicable):
    1. Requirements for at least 50% of variable remuneration to be made in the form of units of the UCITS concerned and/or other appropriate instruments (e.g. VMUK PLC shares)
    2. Retention periods aligned to the long-term interests of the management company, its UCITS and UCITS investors
    3. Deferral of awards over appropriate holding periods and of at least three years
    4. As necessary, performance adjustments of paid or vesting variable remuneration.

Remuneration for all Code Staff is reviewed by the Remuneration Committee of the relevant parent entity. The Remuneration Committees ensure that remuneration is linked to performance of the parent entities including taking into account material current and future risks.

Up-to-date details of those Remuneration Policies, including details of the Remuneration Committees, are available at:

A paper copy of that information will be made available free of charge from VMUTM upon request.

Virgin Money plc

Virgin Money plc does not currently have any employees. However, the Company maintains a Remuneration Committee - comprised of independent Non-Executive Directors  - that is constituted in accordance with Article 95.

Virgin Money plc’s Non-Executive Directors are Material Risk Takers and their remuneration – consisting solely of fees – is managed within the requirements of CRD IV.   In the event that Virgin Money plc employs individuals in the future the Remuneration Committee will ensure that the Company complies in full with Articles 92 to 95 of CRD IV regarding remuneration.

Virgin Money does not benefit from government intervention, so Article 93 is not applicable to us.