It's not an allowance – it's a second, non-pensionable, salary.
Barclays has dreamed up a wheeze whereby it would hand over a supplementary, but non-pensionable, monthly payment to staff.
Moss continues to receive 2% of basic salary as a non-pensionable cash supplement provided in consideration of his surrendering an unapproved retirement scheme.
His contract of employment, seen by the Guardian, simply states: "The executive shall have a taxable, non-pensionable allowance of £440,000 per annum, payable in equal monthly instalments".
In a memo to staff in its investment bank in November, Barclays said: "For those employees who will be affected in 2014, Barclays will introduce a new non-pensionable class of fixed pay, called role-based pay, with effect from 1 January 2014.
The government said the 1% pay offer for 2014-15, whish is to non-pensionable earnings, would be followed up with a 2% pay offer for 2015-16, also to non-pensionable earnings and also excluding those getting incremental increases.
And in France, doctors who reach the statutory pensionable age can combine a pension and earnings up to an income limit.
However, a back office worker retiring on a £10,000 pension, with the same length of pensionable service, suffers the same deduction.
These three elements in the model determine the minimum length of working life and the condition to qualify for higher pension benefits when an individual reaches pensionable age.
It reduced annual increases in pension payments, raised the retirement age and capped pensionable salaries.
In December 2013 the legislature approved a bill that reduces annual increases in pension payments, increases the retirement age and caps pensionable salaries.
